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- What is a bill of sale?
- Is a bill of sale required in Arkansas?
- What is required in an Arkansas bill of sale?
- What should I do after I get a bill of sale?
- How to find affordable car insurance
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In Arkansas, a bill of sale needs to include key information about the vehicle, such as the VIN, make, model, year, and odometer reading. You should also list the names, addresses, and signatures of the buyer and seller, as well as the date and price of the transaction.
Completing a bill of sale is an important step in the private sale of a vehicle. In Arkansas, you don’t need a bill of sale for transferring ownership, but you may need it in certain circumstances. Bills of sale are proof of the completed transaction and can provide a layer of protection for both parties.
Whether or not you need a bill of sale for your transaction, car insurance comparison and broker app Jerry has listed all you need to know about bills of sale in Arkansas.
What is a bill of sale?
A bill of sale is basically a receipt for the private sale of a vehicle. Bills of sale only prove a transaction took place and outline the terms of agreement between the parties.
In Arkansas, the bill of sale does not transfer ownership of the vehicle—you need to complete a title transfer for that. The title certificate is the legal document certifying ownership of the vehicle. A bill of sale outlines the terms of your transaction with the other party in a private vehicle sale.
Is a bill of sale required in Arkansas?
In Arkansas, the Office of Motor Vehicles will accept a completed title in place of a bill of sale. However, bills of sale are required if:
- You’re the seller and want to apply for a sales tax credit
- You’re the buyer and there’s not enough room on the title for the seller to sign the vehicle over to you
If you need an additional bill of sale form, you can fill one out and follow the instructions on the form.
Even if it’s not required, completing a bill of sale when you buy or sell a vehicle is the wisest route. A bill of sale provides proof of the transaction and the terms of the agreement, which can be useful to have in your records.
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What is required in an Arkansas bill of sale?
In Arkansas, your bill of sale must include all the basic information regarding the transaction, like the following:
- Seller and buyer’s names, addresses, and signatures
- Vehicle’s make, model, and year
- Vehicle Identification Number (VIN)
- Sell date
- Price paid
- Odometer reading
If you’re the seller, you can apply for a sales tax credit as long as you have a bill of sale. This credit is only applicable if you plan to register another vehicle to replace the vehicle you sold within 45 days before or after acquiring the vehicle.
What should I do after I get a bill of sale?
An Arkansas bill of sale is not sufficient for ownership transfers—it’s only a receipt. You’ll need to complete a title transfer to make the ownership swap official.
You can get a title transfer form at your local revenue office or transfer the title online.
It’s important to keep a copy of your bill of sale for your records. Keeping your bill of sale handy can protect you from any future legal disputes since the bill of sale serves as evidence of your agreement.
How to find affordable car insurance
After you finish your bill of sale and have switched over the title and registration, next on your to-do list is finding good car insurance. Comparison shopping is usually an annoying and long process, but downloading the Jerry app makes the process completely painless.
After it gathers competitive rates across more than 50 companies in just a few minutes, Jerry can find your best match easily. When you’re ready to make the switch, Jerry can sign you up for your new policy—or even help cancel your old one.
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