WHAT IS A CAR TITLE?
A car title is a legal document to prove your ownership of the vehicle. You get the title from your state’s Department of Motor Vehicles when you purchase a car. You transfer the title to the buyer when you sell a car. Titles are issued for all kinds of vehicles be it a truck, van, motor bike, car…
There are three different kinds of titles:
- Clean Title is for a car that has never been severely damaged.
- Salvage Title is for a vehicle that is totaled.
- Rebuild Title is when a totaled car is rebuilt before it is sold.
You will need to present the title to the new owner when you sell a used vehicle for the following two reasons:
- The buyer will be confirmed to see the title that the car really belongs to you and you have the right to sell it.
- A title will allow them to transfer the car to their name from yours so they can legally own the car.
When you apply for a car loan, the bank owns that vehicle until you fully pay them back. Therefore it is not possible to have the title at home as your bank has it. The reason for the bank to keep your title is a form of a surety that you will pay them. They keep your title until you are debt-free. If for some reason you want to sell the vehicle that has few instalments left on it, you can check with your bank and find out their process for transferring the title to the person purchasing your used car.
However, you would require a title if you plan to sell your car to a private person. If you do not own the title you will need to file for a lost title and apply to get a duplicate title. But that is a long and stressful process. If you do not have the title in hand contact Total Car Removal Melbourne to sell your vehicle.
Total Car Removal is a reputable auto salvage company who does not require your title to pay top dollar cash for scrap cars. A valid registration and driver’s license would be enough to confirm ownership of the vehicle. Call us now at 0422 999 605 to obtain an obligatory free price quote.