Do You Need Full Coverage on a Used Financed Car?

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Every day at Old Saybrook Chrysler Dodge Jeep RAM, our finance department approves auto loans not only for new cars but also for used cars for Middletown drivers. We get a lot of questions about how to finance a used car, like do you need full coverage on a used car, how many years can you finance a used car, and can you trade in a financed car. Keep reading for simple answers to, “Do you need full coverage on a used financed car?” with Old Saybrook Chrysler Dodge Jeep RAM.

How to Finance a Used Car

Do you need full coverage on a used financed car? Legally, most states don’t require full insurance coverage on a used car. However, your lender might require more than just liability insurance to keep their investment sound. When you’re approved for a used car loan check the loan terms to see what insurance you’ll be required to purchase. The terms will also tell you how many years you can finance a used car until you own it outright. If your loan term is for 36 months, your lender might require you to carry full coverage insurance for that entire period. This is a financial investment you’ll need to consider when calculating the grand total you’ll spend on your car.

How Many Years Can You Finance a Used Car?

Once you’ve picked your used car for your New London drives, you’ll need to have this information ready for our finance team when you apply for financing with us:

  • 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’ve been approved for loans our finance team member who’s working with you will explain the loan offers to you and answer any questions you have about how to finance a used car. Your credit score and the amount of your down payment will affect how long your loan will be. We’re here to take the guesswork out of getting an auto loan and make the process as transparent as possible.

Let Old Saybrook Chrysler Dodge Jeep RAM Answer Your Auto Finance Questions

No matter if you’re buying a new or used car the finance team at Old Saybrook Chrysler Dodge Jeep RAM is here to make the process as easy as possible. Contact us with your questions about how to finance a used car, how to qualify for a car loan, what to check when buying a used car, and more!

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(860) 388-4445

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255 Middlesex Tpke • Old Saybrook, CT 06475

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Open Today! Sales: 9am-8pm

Open Today! Service: 7:30am-5pm

Old Saybrook Chrysler Dodge Jeep RAM 41.3069593, -72.3825927.