Auto Loans and Title Transfer
Your auto loan and title transfer documents need to be notarised to make it an official agreement of transfer for your automobiles. We at PDX Signing have certified notaries available at our disposal to assist you in making your transfer process official.
Why is it important to have an auto loan and title transfer document?
All the available options come with a date and model for repayment, along with certain interest rates that you have to pay. These details are always drafted in the auto loans repayment document, which is an important agreement necessary to make the loan agreement official. Banks and other financial institutions will take care of the document verification process and make the loan agreement official and legally binding. If you are choosing to take the loan from a private lender, it becomes imperative to make the auto loan agreement an official one by enlisting the help of a notary.
● Private money lenders are not otherwise contractually obliged to follow the terms stated in the agreement. This means that they will have the power to change the loan repayment terms as and when they please if the deed has not been made official. They could change the rate of interest you are charged, change the dates of the repayment, and more. There is nothing stopping them from changing the agreement between both parties unless all the documents have been notarised.
● Automobile vendors also typically require a loan agreement to make their sale official, especially if you are making the purchase from an official dealership. It will be listed as one of the prerequisite documents you need to submit if you are financing your car from elsewhere.
● If you have an official auto loan agreement, you have all the details of your contract in writing, safeguarding you from potential lawsuits.
● Also, an official auto loan agreement acts as proof that the money you have received is a loan and not a gift. This is important and necessary for when you are paying your taxes because the principal amount and the interest you are paying for it becomes tax deductible and the loan money you have received does not show in your statements as a gift or an income.
A title transfer document for a vehicle is an official deed stating that the car has been purchased by another individual and it is not in the primary owner’s name. It is important to get an official title transfer document in Portland, Hillsboro and Beaverton for both the previous owner and the new owner of the vehicle.
The main reasons why it is necessary to involve a notary and make the title transfer document official include the following:
● All the liabilities and legalities that come with the car will be transferred to the new owner. It means that the original owner will not be held responsible for anything that happens to the car after the title transfer document has been signed and authenticated by the notary.
● As an owner of an automobile, you could be selling your car to a private car reseller or an individual. If you are selling it to a dealership or a reseller, they will need the title ownership of the automobile so that they can transfer it to the future owner of the vehicle.
● The title transfer document is also a necessary document required by the DMV to update the registration of the vehicle in their records. As a vehicle owner, you are required to submit the title transfer document along with other car registration documents to the DMV to make your ownership official.
Auto Loans and Title Transfer
Our Promise
Our official notaries at PDX Signing are here to help you with making your auto loan agreement document and the title transfer document official. We verify and authenticate the other documents that you will need in order to make the sale and deed official. We offer effortless and easy service so you do not have to worry about document verification, signing, and officiating important documents such as these. We also provide notarized following documents Wills and Testaments, Home equity line of credit, and Loan modification Notary.
The Critical Documents
What are the critical documents required for an auto loan and title transfer document?
To get an auto loan in Auto Loans and Title Transfer Portland, Auto Loans and Title Transfer Hillsboro or Auto Loans and Title Transfer Beaverton, you will require the following documents:
- Verified passport sized photographs
- Valid identification such as passport or driver’s license
- A sales agreement or a bill of sale from the car dealer or reseller
- Motor vehicle title documents
- Motor vehicle registration
To get a title transfer in Portland, Hillsboro or Beaverton, you will require the following documents:
- A completed application of the Title Transfer
- Original title ownership document
- Releases from any previous security interest holders, if there are any
- A bill of sale from the original or the previous owner
FAQ
Yes, you need to get the documentation work done in case you are looking to transfer the loan to someone else. This will allow the lender to know that the loan won’t be paid anymore by the primary holder.
Be assured that you would be consulting some of the top Notary Signing.
Contact us to discuss how can we help you.