When buying a pre-owned vehicle, we want it to be as straightforward as possible. At Quality Chevrolet, our finance experts have been helping Oceanside buyers navigate this process for years.
Some of our Poway-area customers ask, “Do you need full coverage on a used financed car?” and “How many years can you finance a used car?” Below, we’ll discuss each step of the used car buying process. With support from our handy payment calculator, you’ll learn how to finance a used car and whether full insurance coverage is necessary.
 
 
So, 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, whether you’ve bought a new or pre-owned model. However, finance lenders require you to have full insurance coverage regardless of the vehicle’s condition.
When financing any vehicle, term agreements spell out how long you pay a lender until you receive a title. If you apply for financing and obtain a used vehicle loan for a 36-month term, your lender will hold the model’s title for that period. During this time, full insurance coverage will be contingent on the duration of the loan. In our example, your used car will need full coverage for all 36 months.
Once you’ve found the perfect used or certified pre-owned vehicle for your Carlsbad-area rides, you’ll need to provide some information to our team. Among what needs to be offered is the following:
Once this has been completed, one of our finance team members will discuss the finance terms for a pre-owned vehicle. Multiple factors, including credit and your down payment, will affect how long or short your finance period is. When someone asks, “How many years can you finance a used car?” we tell them that most pre-owned loan terms last no more than 60-72 months.
So, do you need full coverage on a used financed car? Yes, you do! Now that you’ve learned more about the used car-buying process, come down to Quality Chevrolet today!
If you want to save on your next vehicle, check out our pre-owned vehicle specials. You can also reduce what you’ll owe by trading in your existing ride and putting the amount towards your next purchase. Experience the great selection of used vehicles near Oceanside at Quality Chevrolet and call us today to learn more about how to finance a used car.
