Do You Need Full Coverage on a Used Financed Car?

car insurance paperwork with car key

 


When you’ve finally found the ideal model for your Richmond lifestyle, Short Redmond SuperStore can help you get into the car as soon as possible. One crucial part of how to finance a used car includes getting the auto insurance for your new-to-you vehicle. Keep on reading below to learn how much coverage you need and how much you should get from your local experienced used car dealer, Short Redmond SuperStore!

Financing a Used Car: The Facts

Most states don’t require you to drive your car off the lot with full coverage, whether the car is new or used. However, finance lenders want to ensure their investments are sound, so most will require you to have full coverage regardless of whether your car is gently used or new.

When financing any car near Winchester there are term agreements that spell out how many years you’ll pay a lender until you’re able to receive a title. In other words, if you apply for financing and obtain a loan for the used vehicle for a term of 36 months, your lender will hold the vehicle’s title for that period of time.

In most scenarios, full coverage insurance is contingent on the full term of the finance period. In the example given above, that would mean your used car would have full coverage insurance for the 36-month period.

How to Finance a Used Car at Short Redmond SuperStore

Get the used car financing process started by providing our finance team with information, so that they may contact lenders on your behalf. The information they may need from you includes:

  • 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)

When you’re paired with a lender, your finance team member at Short Redmond SuperStore will explain the terms the lender will offer you in order to finance your used car in Danville. Wondering “How many years can you finance a used car?” Factors, such as credit and what you’re able to put as a down payment on your vehicle, will affect how short or long your finance period can be. When you turn to us, we can tell you how long you can finance your car for! We will also work with you, even if you have bad credit.

Lease or Finance a Pre-Owned Model at Short Redmond SuperStore

Now that you’ve tackled the insurance part, see what else you should do after purchasing a new-to-you vehicle in Lexington. Feel free to check out our other car-buying tips, so you can be a savvy car shopper!

 

More from Short Redmond SuperStore

  • Chevrolet Silverado 1500 Configurations

    The Chevy Silverado 1500 doesn’t need further introduction. If you’re looking to upgrade your pickup in Richmond, you can’t go wrong with a model from this lineup! While there are several Chevrolet Silverado 1500 configurations to choose from already, there is a recent addition: the high-performing Silverado ZR2 that can handle rock-crawling. Discover all of…

  • Ford F-150 Trim Levels

    When it comes to a durable light-duty pickup truck, the Ford F-150 is a popular choice thanks to its several trim options. It even holds up to other well-known models like the RAM 1500 and Chevy Silverado 1500 for its affordability and versatility. Whether you want something for work or you want a vehicle to…

  • Toyota 4Runner Trim Levels

    The 2019 Toyota 4Runner rides out in style with plenty of space for your growing family in the Richmond area. What’s more is that you can enjoy all of these highlights at a wallet-friendly price when you shop the used Toyota 4Runner for sale from Short Redmond SuperStore as we have many pre-owned SUVs available. Whether you…

Short Redmond SuperStore 38.0316988, -84.4519436.