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You need to be prepared when buying or selling a vehicle in Arkansas. You have to do your homework well. If you are a buyer, you need to research your purchase to get the vehicle you admire. You also need to look at other factors such as safety measures, reliability and price for the vehicle that you are purchasing. Also, factor in titling, registration and insurance fees into your budget. You also need to get the required paperwork from the seller in order to register your newly purchased vehicle with the Arkansas Department of Finance and Administration (DFA).
Buying a Car in Arkansas
Don’t be carried away with emotions when purchasing a vehicle of your choice. You must be objective and negotiate to get the best deal. Talk to your friends, search on car classified sites and read several buyers guides and magazines before making your final decision on a car. The bill of sale is a critical document that you must obtain from the seller. This document is your binding contract. Verify it to make sure it contains the agreed price, warranty and terms.
What to do after vehicle purchase or sale in Arkansas
As a buyer, you need to register your newly purchased vehicle after purchase. There are many vehicle registration forms that you can obtain online to register your car with the Arkansas Department of Finance and Administration (DFA). When you purchase a car from the dealer, they will handle all the required paperwork on your behalf. If you purchase it from a private seller, you will need to handle all the required paperwork yourself. First, you must obtain the title from the seller signed over to you. You can’t legally own the car without the title. Arkansas law requires all buyers to purchase a minimum amount of car insurance for their newly purchased vehicles. For vehicles financed through a loan, the law requires buyers to purchase full car insurance coverage. After submitting all the required paperwork for car registration and titling, you will receive license plates to place at your car. You can also request personalized, specialized or customized license plates, but these normally come with extra fees.
Selling a Car in Arkansas
Selling your car in Arkansas as a private party is very hard. You need to know the exact value of the car that you are selling before negotiating with potential buyers. Buyers normally ask several questions about the car you are selling. Therefore, ordering your car’s vehicle history report will help you answer most of the questions that buyers may ask. Once you get a buyer for your vehicle, you will need to fill the bill of sale and sign it, and the buyer must also fill their sections and sign it. If you have questions on what information is needed on the bill of sale, get in touch with Arkansas DMV office for directions. You must also produce the title certificate in order to complete the sale. If the title is missing, stolen or destroyed, apply for a duplicate copy with the Arkansas DMV and give it to the buyer. You don’t need registration papers when selling your vehicle in Arkansas. But having this paperwork will help facilitate the sale. Registration paperwork will help the buyer verify the legitimacy of tags if questions arise concerning them. Once the sale is complete, remove your license plates from the car. You will also need to notify your car insurance provider about the sale in order to cancel insurance for the vehicle you have sold. It is also wise to notify the Arkansas Department of Finance and Administration (DFA) that you have sold your car.