Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

A Checklist for Financing and Buying a Car in Chicago

By Williams Orchard Subscribe to RSS | June 21st 2012 | Views:

There were times when horse carriages made a statement. Today, cars are in style. And by the look of it, cars are going to be here forever. Chicagoans are car-crazy like everyone else in America. Driving a car provides a great adrenaline rush. The City with Big Shoulders is best explored in a comfortable car.

Wouldn’t you want to cruise the streets of Windy City in your dream car? When it comes to buying your favorite car, do you suffer from a perfect case of ambivalence? Do you love car but abhor the car buying process? If yes, you are not alone, many Chicagoans feel the same. There are so many things to do. You need to arrange for finance, and then you have to scout for that perfect car. It doesn’t get over here. There is the car registration, titling and process for getting parking permit sticker. All these processes have made you sit on the fence for long but, not anymore. Here is an article that will make you ready for the grueling task ahead. Buckle up for we are going through the fast lane understanding what all documents are required in Chicago to buy your dream car.

Several documents are required to get your favorite car home. When you live in the City That Works, you are constantly on the go. So, you need to be prepared all the time. Here’s your checklist for purchasing a car in Chicago.

Lenders Are Loan-Ready, Let’s Get You Document-Ready

No car dream is fulfilled without a car loan. With the rising cost of cars, auto financing has become inevitable. You can get a car loan in Chicago for almost all situations, bad or worse. Chicago is a big city and it offers many options for getting affordable auto loans.

Bad credit and no credit auto loans are easier when you have got what lenders require. You can also avail no money down auto loans or the difficult no co-signer loans. Yes, any and every loan is possible when you have all the documents ready.

1. Proof of Income

A minimum income of $1,000 is required by almost all lenders of Chicago. They want to ensure your capability of making regular monthly payments. And, so you need to submit your pay-stubs as a proof of income. If you have your own business, provide your IT Returns.

You must also mention other additional income like rental property income, alimony, child support, social security income, etc.

2. Credit/Banking History

Lenders will ask for personal information like your full name and SSN. This will enable them to get your credit report. Your credit history will determine your credit worthiness.

Also, lenders will require banking history to understand your banking transactions and to calculate your debt to income ratio. They don’t want to lend money to someone who is risky. So, get ready with copies of your bank statements, lease agreements and mortgage contracts.

3. Residence Proof

Your lender must know where you live so that he knows where to contact you. Your residence proof can be anything from a driver’s license to a utility bill or even your monthly rent.

4. Vehicle Information

Lenders want to be sure that you are buying a car and nothing else. So, they will require Bill of Sale/ Sales Agreement. Also, the purchase price should be clearly mentioned with the VIN, make, the model, the condition of the vehicle and the mileage.

Also, lender will ask for a copy of car title just to make sure of any outstanding liens. If you are buying a used car, then he will need a copy of Odometer Disclosure.

5. Proof of Insurance

Lenders use car as collateral and want to be insured all the time. So, they will ask for a comprehensive insurance coverage. But, you can negotiate and only buy the insurance as required by Illinois’ mandatory insurance law.

No Driving Before Registering

Documents and paperwork won’t leave you even after availing auto loan. Instead, the real work starts now. You will have to register your car at the Secretary of State’s office. Now, you can mail all the documents to the main office in Springfield or go to your local SOS office and get your work done. Here are the addresses of your local offices:

Chicago office

17 N. State St.

Room 1100

Chicago, IL 60602

(312) 793-1010.

Chicago Central (0.4 miles)

100 W. Randolph

Chicago, IL 60601

Chicago West (6.5 miles)

5301 W. Lexington St.

Chicago, IL 60644

Chicago North (9.5 miles)

5401 N. Elston Ave.

Chicago, IL 60630

Chicago South (11.3 miles)

9901 S. Dr. Martin Luther King Jr. Dr

Chicago, IL 60628

Lombard (18.7 miles)

837 S. Westmore B27

Lombard, IL 60148

Naperville (29 miles)

931 W. 75th St., Ste. 161

Naperville, IL 60565

Documents for Registering Your Dream Car

Here is the list of documents required for registering your dream car in the City That Works.

Application for Vehicle Transaction(s) (VSD 190) – This is the application for transferring title and registering the car to your name.

Car Title – Keep the car title ready and make sure that there no outstanding liens on it.

Form RUT-50 - Fill this form if you bought your car from a private party (it doesn’t matter if it is an in-state or out-of-state purchase).

Tax Form RUT-25 - Use this form in case of an out- of- state car purchase.

ST-556 – This form is most common because it is used when you purchase your car from an Illinois dealer.

Also, as Chicago comes under Cook and DuPage counties, you will have to compulsorily undergo the smog test. Also, pay the required Use Tax.

Stickers for Your Car

City of Chicago requires you to get a vehicle sticker within 30 days from the date of vehicle. You need to have a valid Bill of Sale/Title of the car for getting the sticker.

If you park your car in the residential parking permit zone, you will also have to purchase an annual residential parking permit. For this, you need to provide your photo ID and residential proof.

Once you are done with all the legal documents, you can freely drive your perfect car. All this paperwork may be a bit cumbersome, but they do guarantee a safe and penalty-free driving.

So, now that you are document-ready, get ready to drive your car on the streets of Chicago.

All the best!!!

Williams Orchard - About Author:
Bad credit report is just your history and believes in second chances. Just as the city got its second chance after the Fire, why shouldn’t you? Don’t worry about your bad credit score for we offer great bad credit auto loans Chicago options to every type of borrower.

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:

Related Loans Articles Subscribe to RSS

Short term bad credit loans- Suitable for urgent need of cash!
Published by Micles Jonson on July 10th 2012 | Loans
If you have obtained quick funds via short term bad credit loans, you would easily manage small fina...
Money loans with bad credit- Change the way of resolve cash trauma
Published by Vikon Nail on June 30th 2012 | Loans
If you are having adverse credit problems, it is better for you to avail money loans with bad credit...
Military payday loans bad credit- Fiscal support for military persons
Published by Rex Moshe on June 25th 2012 | Loans
For those military persons who need small funds, it is better for them to avail military payday loan...
Small loans bad credit- Useful and reliable loan deal for you
Published by Beidhi Ceeper on June 1st 2012 | Loans
By acquiring quick cash via small loans bad credit, you can easily fulfill your financial worries....
Understanding Christian and credit card debt settlement organizations
Published by Julia Roger on December 14th 2011 | Finance
With increasing debts among the majority of the population, people have started to seek professional...
2000 dollar loan with bad credit- Feasible financial deal for bad creditors
Published by Kelin Smith on July 16th 2012 | Loans
With the aid of 2000 dollar loan with bad credit, you can manage small financial needs without any h...
Cash loans no credit check- Ideal financial solution for bad credit people
Published by Alton Kiels on July 6th 2012 | Loans
In fact, Cash loans no credit check is a great financial help especially crafted for those bad credi...
Cash loans for bad credit- Ultimate cash support for bad credit holders
Published by Andrew Stomes on May 17th 2012 | Loans
By acquiring quick cash from cash loans for bad credit, you can manage day-to-day financial needs....
No Credit Check Loans- Raise finance immediately without credit check
Published by Serjeant Doherty on March 20th 2012 | Loans
No credit check loans are boon for those who are suffering from multiple bad credit problems. With t...
Private school loan for bad credit- Unique loan for private school
Published by John Simen on May 23rd 2012 | Loans
By taking private school loan for bad credit, you can easily manage expenses that require with your ...
Unsecured loan information : Advantages for the all types of credit scorer
Published by Mark Fulton on April 12th 2012 | Finance
Unsecured loan Information are normally a personal loan and are ideal for individual who need money ...
Need Loans Fast Bad Credit – fast cash with bad credit
Published by ElvinLee on April 30th 2012 | Loans
Need Loans Fast Bad Credit, you must be ready to get them approved even after you have a poor credit...
Bad credit installment loans - Unique fiscal support for bad creditors
Published by Alton Bells on May 18th 2012 | Loans
If you avail quick cash through bad credit installment loans, you have the right solution to meet fi...
No credit check loans- Get small cash without credit check
Published by Saman Rashid on January 12th 2012 | Loans
No credit check loans are free of lengthy documentation. Apply online by filling a simple form and g...
Instant loans no credit check- Immediate cash worries can be solved
Published by Astor Roy on July 4th 2012 | Loans
Instant loans no credit check are nowadays widely available on loan websites. So, it is easy for you...
Cash advance for bad credit- Enjoy tension-free lifestyle!
Published by Honard Nork on January 10th 2012 | Loans
Cash advance for bad credit scheme is highly useful to assist your fiscal worries. At any cost, you ...
Bad credit is no longer the hindrance
Published by Alice Johnsonn on December 14th 2011 | Loans
The loan is meant for freeing those people who have bad creditor's tag and to remove the hindrance i...
Bad credit Auto Loans Refinancing and Its Multiple Benefits
Published by James Fedric on January 23rd 2012 | Loans
Refinancing car with bad or poor credit seems to be a superior idea. Get to know the benefits associ...
No credit check loans instant decision: Instant Money with Instant Applying Process
Published by Zerif Berson on May 24th 2012 | Loans
No credit check loans instant decision can be made during the toughest period and so, you need to fo...
Cash loans for bad credit- Get loan without using any documentation
Published by Honard Nork on June 18th 2012 | Loans
If you are having bad credit scores, it is better for you to avail cash loans for bad credit....