Do You Need Full Coverage on a Used Financed Car?

Buying a used car in the Clovis area doesn’t have to be complicated, especially when you do your shopping Fresno Acura. If you’re wondering about how to finance a used car or anything else about the process, then Fresno Acura here to break down the process into simple steps for you. Not sure how many years you can finance a used car? Get all of the best tips and information from us, and reach out to our finance center for any other questions you may have. 

How to Finance a Used Car: What to Know

So, do you need full coverage on a used financed car? Most states don’t require you to have full coverage by law even if the car is new or used and only require you to have liability coverage at a minimum. But, if you’re reaching out to a finance lender in the Visalia area, then it may benefit you to get full coverage as most lending institutions want to make sure that their Investments are solid. Because of this, you may be required by some banks or lending institutions to have full coverage on your car whether it’s new or used, so you’ll want to be sure to check with your lender. 

When you’re financing a vehicle, new or used, you’ll encounter term agreements, which layout how long you have to pay a lender until you’re able to receive a title for the vehicle. If you get approved for financing and get a loan for a used vehicle for a 36-month term, then your lender would hold on to the vehicle’s title for that period of time. Most of the time, getting full coverage depends on the finance term length. If you use the example mentioned above, then you would have full coverage insurance on your vehicle for the whole 36-month period.

How Long Can You Finance a Used Car?

If you’re like many Madera drivers, then you might be wondering, “How many years can you finance a used car?” To answer this question, you’ll first need to get started on the process, and to do that you’ll need to be sure that you have the following items:

• Any supporting financial documentation (i.e. last two pay stubs)
• Any existing vehicle documentation for your current vehicle (if applicable)
• Valid driver’s license
• Valid car insurance card

Once the process has been started and our finance team pairs you with a lender, we’ll break down your options for you, so you can get an idea of how long you can finance your used car. How many years can you finance a used car? That will depend on several factors like credit and how much you’re able to put as a down payment for the vehicle. 

Finance Your Used Car at Fresno Acura

So, do you need full coverage on a used financed car? While most states don’t require it, you may need it depending on the financial lender you choose. Contact us or visit us in Fresno for any other car-buying questions and to go over your specific financing options in detail.