India is one of the biggest emerging markets in the world and continues to grow rapidly. The growth can be credited to the fact that one used car is sold for every new car sold in the 2014 which resulted in about 2.5 million used cars being sold in the last 5 years. Each year, about a lakh cars enter the roads of Bangalore with 9000 of them being previously owned cars. Hence the need to decode the buying and used car registration Bangalore process for pre-owned cars.
Documents to check for before buying a pre-owned car
As a buyer you should check for the previous owner’s name, address, vehicle identification number and registration certificate and match the information with that if those provided by the dealer. One should also check if the car was bought on loan by the previous seller and ask for an NOC.
How to go about the process of registration?
Once the above documents are settled, it is essential to transfer the used car registration certificate to the new owner’s name, that is, to the buyer’s name. The buyer needs to submit the original RC Copy Book. In case a loan has been taken, then an NOC (No Objection Certificate) from the financier is to be submitted along with RTO Form Number 35.
The VIN has to be imprinted and attested copies of address proofs of both the buyer and seller have to be submitted. Other documents including RTO Forms 29 and 30, insurance and PUC certificate have to be submitted with the department. The documents and procedure may differ from in case of inter-state transfer.
In general, it may take an average of 15 days for the RTO to go through all the documents and for the registration process to be completed. Both the parties must be present at the time of re-registration.