Do You Need Full Coverage on a Used Financed Car?

Do You Need Full Coverage on a Used Financed Car?

Financing a used pickup truck doesn’t have to be a frustrating process at Truck Ranch! Our financial experts are here to help make your experience efficient and stress-free as we break down each step in the used car buying process. Get all of the details in this handy guide, but don’t hesitate to give us a call if you have any questions.

Financing a Used Car: The Facts

Typically, states do not require full coverage for you to drive off the lot in your next used pickup truck. However, lenders want to ensure their investments are sound, which is why some financial investors or banks require full coverage no matter if you buy a new or used truck.

When you get automotive financing, the agreements lay out how many years you’re making payments until the title is yours. So, if you apply for financing with a loan term of 36 months, the lender holds the title during those 36 months until the loan is paid off. In this case, you would have full coverage insurance for 36 months.

How Many Years Can You Finance a Used Car? 

After finding the used vehicle for sale, you’ll provide information to our finance team so they can contact your lenders to get the car buying process started. Information needed includes:

• 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 getting paired with a lender, we’ll discuss your credit, what you’re able to put down as a down payment, and the loan terms. We work hard to make the process as straightforward and stress-free as possible.

Finance A Used Car Near American Fork With Truck Ranch!

At Truck Ranch, we work hard to provide the highest quality of service to ensure you have an enjoyable experience. Don’t hesitate to give us a call with any questions about how to finance a used car or truck with our Logan used truck dealership.