Do you need full coverage on a used financed car? Financing a used car doesn’t have to be a long and difficult endeavor. At Leson Chevrolet, our team of experts is here to help facilitate the process and make financing easier than ever before. From search to signature, we want to keep you excited and at ease throughout the car buying process.
Some of our customers ask, “Do you need full coverage on a used car?” Our skilled finance team breaks down each step in the used car buying process for New Orleans-area drivers. With our handy online finance calculator, you’ll learn how to finance a used car and can determine whether coverage is necessary or not.
Many Metairie drivers are wondering, "Do you need full coverage on a used financed car?" Most states don’t require you to drive your car off the lot with full coverage, regardless of if the car is new or used. However, finance lenders typically want to ensure their investments are sound. Most financial investors or banks require you have full coverage regardless of whether your car is pre-owned or new.
When financing any vehicle, there are term agreements that spell out how many years you’ll pay a lender until you’re able to receive a title in your name. This means if you apply for financing and obtain an auto loan for a term of 36 months, your lender will hold the vehicle’s title for that period of time.
Typically, 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 be required to have full coverage insurance for the 36-month period.
How Many Years Can You Finance a Used Car?
When you’ve found your next reliable used Chevrolet model near Metairie, our finance team will gather some information from you, so they're able to contact lenders on your behalf to start the car buying process. Some information you may need to provide is:
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 Leson Chevrolet will explain the terms the lender is offering you in order to finance your used car. Factors like credit and what kind of down payment you are able to provide for your vehicle will affect how short or long your finance period can be.
If you choose to finance your next vehicle in Harvey with the help of our finance professionals at Leson Chevrolet, we’ll take the guesswork out of how long you’ll finance your used car.
Financing a Used Car with Leson Chevrolet
The used car buying and financing process is a breeze when you work with the right team. Our team at Leson Chevrolet is here to help you every step along the way, so you can take on Harvey in your reliable Chevrolet today! Hopefully, we answered the age-old question, “Do you need full coverage on a used financed car” Contact us today so we can elaborate on how to finance a used car or answer any questions you may still have on vehicle financing or car repair financing.