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!!!