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Do You Need Full Coverage on a Used Financed Car?

car insurance paperwork with car key

Are you in the market for a used car and wondering if you need full coverage, or how many years can you finance one? You’ve come to the right place! Prestman Auto’s finance team understands that navigating the world of car insurance can be confusing, especially regarding used cars still under financing. Prestman Auto breaks down how to finance a used car and what coverage you’ll need in the guide below.

Do You Need Full Coverage on a Used Financed Car?

The short answer is yes. Most lenders require borrowers to carry full coverage on a financed vehicle, regardless of whether it’s new or used. Full coverage typically includes comprehensive and collision coverage, which protects your car against damage from accidents, theft, vandalism, and natural disasters. This requirement helps protect the lender’s investment if the car is damaged or totaled in Salt Lake City.

How to Finance a Used Car

At Prestman Auto, we offer a range of financing options to help you drive away in the used car of your dreams. Learn how to finance a used car simply and efficiently by following these steps:

  1. Determine your budget: Calculate how much you can comfortably afford to spend on a monthly car payment, taking into account other expenses.
  2. Check your credit score: A higher credit score can improve your chances of securing a favorable interest rate on your auto loan.
  3. Research and compare lenders: Shop around the West Valley City area for the best loan terms and interest rates. Our knowledgeable finance team can assist you with finding the right lender.
  4. Get pre-approved: Submit your loan application and necessary documents to the lender for pre-approval. This will help streamline the car-buying process.
  5. Select your car: Browse our extensive inventory of quality used cars and find the perfect vehicle that fits your West Jordan lifestyle and budget.
  6. Finalize the loan: Once you’ve chosen your car, the lender will finalize the loan terms and provide you with the necessary paperwork to complete the financing process.

How Many Years Can You Finance a Used Car?

So how many years can you finance a used car? The loan term for a used car typically depends on various factors, such as the age of the vehicle and the lender’s policies. While loan terms can vary, it’s common to find financing options ranging from 2 to 7 years for used cars. Remember that longer loan terms may result in lower monthly payments but could cost you more in interest over time.

Finance Your Used Car with Prestman Auto

When financing a used car, it’s essential to have full coverage insurance to meet the lender’s requirements. At Prestman Auto, we offer a wide selection of quality used cars and a dedicated finance team to assist you every step of the way. Take the first step towards owning your dream car by exploring our inventory in Salt Lake City, and contacting us for more information about how to finance a used car!

 

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