Design Credits: Vishnu Madhav
The used car market has been booming. More and more people are buying used cars as they are undoubtedly cheaper to buy than a new one. There’s a wide variety of choice and the depreciation value is less. The best part? Most banks offer Used Car Loans these days at attractive interest rates.
But, what is the process for transferring your car’s ownership to someone else? What are the documents that need to be handed over to the new owner? Remember, even if you are selling a used car, you need to follow the proper transfer procedure to avoid any conflicts in the future.
Here’s the complete process for transferring the ownership of your used car.
What documents should you transfer?
When transferring the ownership of your used car, these are the documents you need:
- Registration Certificate (RC)
- Insurance papers
- Pollution Under Control Certificate
- NOC documents from the bank if the vehicle has been bought with a loan
- Road tax receipt that has been paid to the RTO
- Copy of the car purchase invoice
Apart from these mandatory documents, you can hand over any additional documents you might have which pertain to the ownership of the car.
Used car RC transfer process (same state)
In order to transfer the RC of your car into the new owner’s name, you need to follow these steps:
- Submit the original RC book to the RTO.
- If you purchased the car with a loan, you need to provide an NOC from the bank along with the RTO Form Number 35 and submit this at the RTO office.
- Two copies of the RTO Form Number 29 and 30 need to be filled and signed by the buyer and seller.
- A printed copy of the Vehicle Identification Number needs to be provided.
- Attested copies of the address proof of both the buyer and seller should be presented.
- Attested copies of the PAN Card of the buyer and
- Attested copies of the insurance and PUC certificates should also be provided.
Note: If you are planning to transfer the RC from one state to another, additional documents will be required.
Additional Reading: You can renew car insurance online in easy steps and enjoy policy benefits.
Why do you need to transfer the ownership of your used car?
It’s essential to transfer the ownership of your used car to the new buyer for the following reasons:
- In case of any insurance dispute, the new owner will face problems if the insurance documents are not in his name.
- If the new buyer wishes to resell the car in the future, it needs to be in his name.
- In case of an accident, the original owner will be detained if the ownership hasn’t been transferred.
If you are the buyer of a used car, ensure that you check all the documents thoroughly. The RC copy, insurance papers, bank’s NOC papers and other documents should correctly reflect your name and address.
Remember, it’s always better to double check the documents and follow the correct process of transferring the ownership of your vehicle to the new buyer to avoid any hassle or conflict in future.
Now that you know a little more about the process of transferring the ownership of your used car, how about checking out some financing options to buy one?