Buying a new car in Texas, or rather anywhere, is a major event. The process is complicated and involves things like contract, financing and warranty. It is highly advisable that a potential buyer stays vigilant throughout the whole process. However, with the help of the following tips, a lot of unwanted headaches associated with buying a new car can be avoided:
- The potential buyer must be sure that he/she wants a new car instead of a used car. The best thing about buying a new car is that it will come with a longer warranty and without any history of abuse and neglect, which is usually the main worry associated with used cars. On the other hand, new cars are expensive and their value starts to depreciate the moment they leave the dealership.
- Potential buyers must not fall prey to various low monthly payment options. Some dealers may try luring buyers through various low monthly payment options. Despite the temptation, it is not always a great deal. Low monthly payments usually make the buyer pay more in the end.
- Once an oral agreement is reached between the dealer and the buyer, the buyer will have to sign a purchase contract. This is an extremely important document as it not only protects the dealer but the buyer too. Therefore it must be read carefully, patiently and must not be rushed through. The buyer must sign the contract only when he/she understands everything in it.
- Financing is usually the second most important part of the transaction and so, the buyer must understand the annual interest rate, total number of payments, how often those payments will have to be made and the total amount paid.
- The guarantees and the services must be in the written form and part of the final copy of the buyer's guide.
- Once the sale is complete, the dealer must file the necessary paperwork to transfer and register the car's title in the new buyer's name within 20 working days.
As long as you are paying your installments on time and following the state's motor vehicle laws, there is no reason why you should not enjoy a ride in your new car.
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Q:As I was reading an article on new law id Texas buying vehicles, I came across a term "title transfer". What is this?
A:Title transfer certificates is a legal proof that the ownership of a vehicle has been transferred from one party to another. When buying or selling a car, the legal title/ownership has to be transferred to the new buyer/owner. Title transfers also occur in cases where the car is being inherited, transferred to a family member, and more.