Do You Need Full Coverage on a Used Financed Car?
Many of our customers wonder “Do I need full coverage on a used car?” Whether you do you need full coverage on a used financed car is generally down to the lender and how much the car has been financed, and we will cover the basics for Minneapolis and Maple Grove drivers below. If you ever are in need of automotive information of any kind, don’t hesitate to contact us!
Do You Need Full Coverage On a Used Financed Car?
There are many states where the law does not mandate that you obtain full coverage before you leave the showroom in a new car. That said, there are many lenders that require full coverage, so their investment is protected. This applies to both new and used vehicles.
Learning the ins and outs of financing is especially important for newer drivers who want to take advantage of it, to make sure you stick to your monthly budget. Take advantage of our car buying tips to help you along the way as you go through with your purchase.
When fully financing a car, generally speaking the lender will require you to have full coverage of the vehicle for the full length of the loan term, until you are the titleholder.
Do I Need Full Coverage On a Used Car?
Once you have found the right vehicle for you in our inventory, our finance team will gather information to contact lenders for you. Minnetonka car buying requires you to provide some information, including:
- Valid Driver’s License
- Valid Car Insurance Card
- Any supporting financial documentation (i.e. last two pay stubs)
- Any existing vehicle documentation for your current vehicle (if applicable)
Once a lender is selected, we can walk you through the entire process of the finance offer, including insurance requirements and cost. We can even offer tips on how to improve your credit score.
Experience Cornerstone Plymouth Financing Today!
Now that you have a better understanding of whether or not you need full coverage insurance on a used car, apply for financing with us online to get the ball rolling! We are proud to service Minnetonka drivers.
