Noob buying a car questions?

[fmars62]

Ok first off dont hate I just need some help because I am going to be buying a talon tsi but without the help of my parents, and yes i have searched first and didn't find anything so thats why i am posting.

When I buy the car what do I need? Do I need to just sign the slip for the ownership, then what? And is there a paper from the DMV for when I go to register it they will know how much i paid for it and I can put like $500 so I wont get killed with tax?

Also...

When I go to resister it is there something cheap to do it because this is going to be my project car, I am going to be driving it a little and then it will be on and off the road. And is there a really cheap kind of insurance coverage, like because im only 18 and I don't want to be paying full insurance costs, and i have travelers insurance if that helps.

 

[Lavery]

You cannot avoid paying full insurance unless the car is completely paid off or you take out a personal loan instead of a auto loan (personal loan interest rates are MUCH higher).

In MD the seller of the car puts the Odometer reading and the price that the car was sold for on the title. This is the price you pay taxes on. You can talk to the seller and see if he would be willing to put a lower price. ( I do not suggest doing this) You will also sign that title.

If you are paying by cashiers check or a bank check, some states require you to have the check notarized (sp?) in which case you will need to go to a bank or DMV or such that can provide that service.

 

[fmars62]

You cannot avoid paying full insurance unless the car is completely paid off or you take out a personal loan instead of a auto loan (personal loan interest rates are MUCH higher).

In MD the seller of the car puts the Odometer reading and the price that the car was sold for on the title. This is the price you pay taxes on. You can talk to the seller and see if he would be willing to put a lower price. ( I do not suggest doing this) You will also sign that title.

If you are paying by cashiers check or a bank check, some states require you to have the check notarized (sp?) in which case you will need to go to a bank or DMV or such that can provide that service.

ok thanks but what happens if i pay cash? the car i a looking for is 2k and i can pay cash for it and it will be fully paid off. and then i would like to mark it down that i paid $500 for it, why do u suggest no doing this? i saw my dad do this when he sold his car

 

[Lavery]

You do not have to pay full coverage on a car that has been paid off.

I do not suggest marking down the price on the title because it is Fraud on a Government document. Plus when you go to resell this car in the future the next buyer will see that you bought the car for $500 and wonder why you are selling it for more.