While purchasing a utilized bike, a purchaser needs to carefully analyze the state of the vehicle, the genuineness of the seller, and so on.
The most imperative part is the documents associated with the procedure, which ensure the completion of the buying process in a legal way. The following documents are required for the appropriate transfer of the vehicle from the seller to the buyer.
The seller must provide you the RC book of the concerned vehicle. A buyer must ensure that the identity of the seller along with other details is genuine and there is absolutely no scope for deception. For instance, the vehicle number and stamp demonstrating the payment of duty. The name of the seller (present owner of the vehicle) ought to be right in the RC. The RC must be presented by you in the RTO (Regional Transport Office) where you may formally get the vehicle registered in your name.
In case the vehicle was purchased through bank financing, the RC book will have a bank seal on it. The buyer will then be required to get form 35 attested and stamped by the bank. They will also need an NOC letter from the bank confirming that there are no installments to be paid and the loan has been cleared off. The RTO charges a certain fee to wipe out the credit section.
A two wheeler insurance is mandatory in India. Without which, a vehicle cannot be registered in the RTO. If you are buying an old vehicle, the seller needs to provide you with the insurance papers of the vehicle. The insurer company transfer an active policy in the name of the buyer of the vehicle. If the policy has expired, the new owner of the vehicle can apply for a new insurance policy by furnishing the relevant documents. There are multiple two-wheeler insurance providers in India. A vehicle owner can compare several policies based on the coverage and benefits offered by them and buy a bike insurance policy online with minimum hassles.
There is some amount of risk when buying any used vehicle. The only way to reduce this risk is to find out as much as possible about the bike before you narrow down and write that cheque. Follow these guidelines to make the right choice:
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