Toddy
Well-Known Member
If I buy a side by side in TN off CL but finance it thru back will I need to pay tax? Just thinking about one and want to know details before I start looking and make an offer.
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Help Support Hardline Crawlers :
Tax on used SXS
- Thread starter Toddy
- Start date
TacomaJD
I LIKE CHEAP STUFF.....
Ask your loan officer. A lot of times, banks can help you get around things like that, especially if you have a decent relationship with your bank/loan officer. I've had banks waive the need for full coverage on a vehicle I've financed and used the title as collateral. Every bank is different, so terms will vary.
1.) If they'll give you a signature loan, then no sales tax will need to be paid.
2.) If you have something of equal value, say a title in hand to a vehicle you currently own, you can use it as collateral for the loan and not have to pay any sales tax.
3.) They may want the title for the SxS to use as collateral for the loan. In this case, they would probably make you pay sales tax on the transaction.
BUT, just ask your loan officer, nobody here can really answer that question like your loan officer can.
1.) If they'll give you a signature loan, then no sales tax will need to be paid.
2.) If you have something of equal value, say a title in hand to a vehicle you currently own, you can use it as collateral for the loan and not have to pay any sales tax.
3.) They may want the title for the SxS to use as collateral for the loan. In this case, they would probably make you pay sales tax on the transaction.
BUT, just ask your loan officer, nobody here can really answer that question like your loan officer can.
