Do You Need Full Coverage on a Used Financed Car?

When you finance a used car, it doesn’t have to be a long, drawn out process. The finance team at Volume Chevrolet is here to help make your car financing experience easier. From searching for the right car for you, to signing on the dotted line, to getting coverage for your vehicle, our job is to simplify every stage for you. Along the way, we’re often asked, “Do you need full coverage on a used financed car?” Below, our finance team delves more into answering that question.

Financing a Used Car: The Facts

To drive off the lot with your new or pre-owned car, you don’t always need full coverage. Even so, any finance lender you work with will likely want to make sure their investments are protected. If you work through a lender, they require that you have full coverage before driving off the lot in your new or used car.

When you’re financing a vehicle, there will be term agreements that tell you exactly how long you can expect to pay on an auto loan before you get the car title. If you apply for financing and get a car loan for a used car that lasts 36 months, the lender will hold onto the title until the loan is paid off.

Usually, full coverage insurance matches the full term of the finance period. In the example provided above, your used car would have full coverage insurance for the 36 months that the car loan lasts.

How Many Years Can You Finance a Used Car?

After you’ve found the reliable used car you want at Volume Chevrolet, our finance team will ask you for some information to get your loan started, which includes the following documentation:

• 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)

After you’ve been paired with a lender, a finance team member at Volume Chevrolet will give you the rundown of the terms that are being offered to you, so you can finance your new-to-you car. Keep in mind that there are factors that will affect the length of your loan, such as your credit and how much you’re putting down as a down payment.

Finance a Used Car With Volume Chevrolet

When you work with the experts at Volume Chevrolet, the financing process is a cinch. We’re happy to work alongside you to answer your questions about how to finance a used car and more or how to trade in a car. Contact us online or give us a call at (770) 450-0953 to get started with financing a new-to-you vehicle.