What documents are required to finance and buy a car in Chicago?

There were times when horse carriages made a statement. Today, cars are in fashion. And from the looks of it, the cars will be here forever. Chicagoans are crazy about cars 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 like to roam the streets of Windy City in the car of your dreams? When it comes to buying your favorite car, do you suffer from a perfect case of ambivalence? Do you love cars but hate the car buying process? If so, you are not alone – many Chicagoans feel the same way. There are so many things to do. You need to arrange for financing, and then you have to search for that perfect car. It does not pass through here. There is the car registration, car title, and the process to get the parking permit tag. All of these processes have made you sit on the fence for a long time, but not anymore. Here’s an article that will prepare you for the tough task ahead. Buckle up because we’re in the fast lane and we understand all the documents that are required in Chicago to buy the car of your dreams.

Several documents are required to bring your favorite car home. When you live in the city that works, you are constantly on the go. Therefore, you must be prepared all the time. Here’s your checklist for buying a car in Chicago.

Lenders are ready for the loan, let’s prepare you for the documents

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

Bad credit and no credit auto loans are easier when you have what the lenders require. You can also take advantage of no-down payment auto loans or difficult no-cosigner loans. Yes, each and every loan is possible when you have all the documents ready.

1. Proof of income

Almost all Chicago lenders require a minimum income of $ 1,000. They want to guarantee your ability to make regular monthly payments. And therefore, you must submit your pay stubs as proof of income. If you have your own business, please provide your IT Returns.

You should also mention other additional income such as income from rental property, alimony, child support, social security income, etc.

2. Credit / bank history

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

Additionally, lenders will require a bank history to understand your banking transactions and calculate your debt-to-income ratio. They don’t want to lend money to someone who has risks. So be prepared with copies of your bank statements, leases, and mortgage contracts.

3. Proof of residence

Your lender must know where you live in order to know where to contact you. Your proof of residency 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. Therefore, they will require a sales contract / bill of sale. Also, the purchase price must be clearly mentioned with the VIN, make, model, vehicle condition and mileage.

Also, the lender will request a copy of the car title just to make sure there are outstanding links. If you are buying a used car, you will need a copy of the Odometer Disclosure.

5. Proof of insurance

Lenders use the car as collateral and want to be insured all the time. Then, they will ask for comprehensive insurance coverage. However, you can negotiate and purchase insurance only as required by Illinois Compulsory Insurance Law.

Not driving before registering

The documents and paperwork will not leave you even after availing the car loan. Instead, the real work begins now. You will need to register your car at the office of the Secretary of State. 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 their 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 (10.5 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 (30 km)

837 S. Westmore B27

Lombard, IL 60148

Naperville (29 miles)

931 W. 75th St., Ste. 161

Naperville, IL 60565

Documents to register your dream car

Here is the list of documents required to register your dream car in the Working City.

Vehicle Transaction Request (s) (VSD 190) – This is the application to transfer title and register the car in your name.

Car title – Keep the car title ready and make sure there are no pending links on it.

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

Tax form RUT-25 – Use this form when buying a car out of state.

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

In addition, since Chicago belongs to Cook and DuPage counties, it must be tested for contamination. Also, pay the required use tax.

Stickers for your car

The City of Chicago requires that you obtain a vehicle decal within 30 days of the vehicle date. You must have a valid bill of sale / car title to obtain the decal.

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

Once you are done with all the legal documents, you can freely drive your perfect car. All this paperwork can be a bit cumbersome, but they guarantee safe driving without penalties.

So now that you are ready for the documents, get ready to drive your car through the streets of Chicago.

All the best!

Leave a Reply

Your email address will not be published. Required fields are marked *