How Do I Buy A Car In New Mexico?

Buying a Car:

1. Obtain Certificate of Title.
2. Complete Emission Testing: Required for Bernalillo County residents.
3. Register vehicle with New Mexico MVD within 30 days of purchase.
4. Out-of-state vehicles coming to New Mexico require an in-person VIN inspection at specified MVD locations.
5. Take with you to MVD:

What do I need to buy a used car in New Mexico?

The documents you will need are:

• Dealer’s invoice.
• Proof of liability insurance.
• Government-issued ID.
• A clean emissions test (required for previously owned vehicles)
• Two proofs of New Mexico residency.
• Title with odometer reading (for previously owned vehicles)
• Manufacturer’s Certificate of Origin (for new vehicles)

How do you start the process of buying a car?

Here are the steps.

1. Know Your Shopping Style.
2. Narrow Down your Shopping List.
3. Calculate a Price You Can Afford.
4. Do Your Research.
5. Know When the Price is Right.
6. Leasing vs. Buying.
7. Find Financing, Warranties, and Insurance.
8. Sell or Trade Your Current Vehicle.

Do you need a driver’s license to buy a car in New Mexico?

Proof of identity (NM driver’s license, photo ID, birth certificate). The state provides a detailed list of acceptable forms of identification. 2 documents of residency in NM (bank statement, pay stub, NM car registration certificate).

How much does it cost to title and register a car in New Mexico?

Fees for Registering a Vehicle
Registration fees range from $27.00 to $62.00 for a one (1) year registration or $54.00 to $124.00 for a two (2) year registration. Registration fees for trucks with a declared gross vehicle weight (DGVW) of 26,000 pounds or less are also based on the weight and model year of the vehicle.

Can a non resident register a car in New Mexico?

A New Mexico resident who operates a vehicle on the roads and highways of New Mexico must register the vehicle. However, as described below, certain non-residents must also register their vehicles; and minors cannot be issued a New Mexico vehicle or vessel title and/or registration solely in their own name.

Do you need a bill of sale in New Mexico?

For most private vehicle sales in New Mexico, a bill of sale is not required. However, if the purchase price or odometer statement are missing from the title, then a bill of sale (form MVD-10009) is required.

What credit score is needed to buy a car?

661 or higher
In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.

What is the best way to pay for your car?

Use Your Personal Savings to Pay for a Car
While it might be unrealistic to save enough cash to buy a brand-new car outright, it’s a wise strategy to pay with cash if you’re able to buy an inexpensive used car. By paying with cash savings instead of taking out a loan, you save money by not paying interest.

What you need to know before buying a car?

10 things you need to know before buying a car

• Think about financing.
• Check your credit score.
• Shop around.
• Compare prices.
• Research your trade-in’s value.
• Test drive potential purchases.
• Look at car histories.
• Find repair records.

Does New Mexico require a bill of sale to transfer title?

Car title transfer in New Mexico
Here’s what you need: The original or certified copy of the bill of sale or dealer’s invoice. A valid New Mexico driver’s license or state-issued ID—if you don’t have a NM license or your license address isn’t updated, you’ll need two proofs of New Mexico residency. Proof of insurance.

What counts as proof of residency in New Mexico?

When you want to prove that you are a New Mexico resident, you can bring in: A gas, electric, water, or phone bill that shows your current address. A rental property or purchase agreement. An auto, home, health insurance agreement or bill.

How much does it cost to transfer a title in New Mexico?

The total amount you will pay for a vehicle title transfer in New Mexico depends on the age and value of your vehicle. The combined fees of the vehicle registration and vehicle titling fees range from $27 to $62 per year. If you qualify to only obtain the vehicle’s title, this fee is $5.

How much is sales tax on a car in New Mexico?

4%
The Motor Vehicle Excise Tax applies to the sale of every motor vehicle that must be registered in the State of New Mexico. We presume that every time a vehicle is titled, a sale has occurred and the motor vehicle excise tax is due. The tax is 4% of the price paid for the vehicle less any trade-in credit.

How much is tax and title in New Mexico?

How to estimate New Mexico tax, title, and registration fees

How much does it cost to get license plates in New Mexico?

Fee: $27.00 upon initial registration.

Do I have to pay taxes twice if I buy a car out of state?

You only pay sales tax based on where you register your new vehicle. You do NOT pay sales tax twice; you only owe the tax at the rate where you live.

How long do you have to register a car in New Mexico?

You will have 60 days to register your car once you move, and when you do, it’s important to bring the following documents to MVD Express: A complete application for the titling and registration process. Proof of insurance. Odometer reading.

Is NM A title holding state?

Vehicles that must have a Certificate of Title in New Mexico generally include passenger vehicles, trucks, motorcycles, recreational vehicles, motor homes, buses, manufactured or mobile homes, trailers and off-highway vehicles, such as ATVs or snowmobiles.

Can a bill of sale be handwritten in New Mexico?

A New Mexico bill of sale can be written in plain English, without legal jargon or archaic terms.

How do you transfer a car title in NM?

Bring all your paperwork and payment to your local Motor Vehicle Department office. Your car will be titled and registered once you turn in the DMV title transfer form and pay the title transfer fees. You may visit a local NM Dept. of Motor Vehicles office to get help with how to fill out transfer of title form.