Do You Need Full Coverage on a Used Financed Car?

2021 Dodge Durango

If you’re preparing to buy a pre-owned vehicle around San Diego, you probably have plenty of questions. Do you need full coverage on a used financed car? How many years can you finance a used car? The team at Jack Powell Chrysler Dodge Jeep Ram is here to help! Our financing experts are here to break down the information that you need to know before you drive home in your new purchase. Let’s take a closer look at how to finance a used car.

How to Finance a Used Car

First, do you need full coverage on a used car around Carlsbad? Yes and no. When you first sign the paperwork and drive off the lot, you don’t necessarily need full coverage at that moment. Most states will give you some leeway. However, you’ll need to secure full coverage quickly. Your financial lender or bank will require this to protect their investment. Other things to consider:

  • Your loan term also plays an important role in your coverage. Your loan term is the length of time you must pay your lender until you secure the title yourself.
  • Most lenders require you to hold full coverage for the duration of your loan term. So if you get a loan term of 36 months after applying for financing, you’ll need full coverage insurance for 36 months.
  • Want to crunch numbers ahead of time? Check out our monthly car payment calculator to see how your loan term can influence your monthly costs.

How Many Years Can You Finance a Used Car?

If loan term is so important, just how many years can you finance a used car in San Marcos? The answer depends on a number of factors. Once you find your car, our financial team at Jack Powell Chrysler Dodge Jeep Ram will get to work to create the best possible package for you. You’ll need to bring 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)

Once your finance team member has reviewed your application, we can pair you with a great lender who will secure your loan. Based on your credit score, down payment, and other factors, we can help you explore which loan terms are the most advantageous for you.

Find Your Financing Solutions with Jack Powell Chrysler Dodge Jeep Ram

Jack Powell Chrysler Dodge Jeep Ram is happy to walk you through the steps of how to finance a used car, so feel free to contact us with any questions. Our team will help you find just the right vehicle and loan terms to fit your needs and budget, so don’t hesitate to reach out to us in Escondido, San Diego today!

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