Do You Need Full Coverage on a Used Financed Car?

Signing Finance Documents for Car
 

While you may have had frustrations with shopping for a used car in the past, buying with Renaldo Kia brings a refreshing and straightforward car buying experience. At Renaldo Kia, our finance team is dedicated to helping you select the exact model your budget and wishlist demands. For many, that means a high-quality pre-owned option. Securing the keys to a new-to-you ride is exciting, but may lead to questions. A popular one we hear at our Shelby dealership is, “Do you need full coverage on a used financed car?” Luckily, our expert team is here to help you get the facts on how to finance a used car below!

 

How to Finance a Used Car: The Facts

In most states, it is not a legal requirement that drivers have full insurance coverage when they leave the lot. However, financiers often require their beneficiaries to acquire insurance coverage to ensure that their investment is sound. This is usually mandated whether you buy new or used. 

When you enter into a financing agreement, the lender will hold the title of your vehicle for the duration of the loan term. If you apply for financing and receive approval, you will gain ownership of your vehicle once your series of monthly bills have been paid. For most, full coverage insurance is contingent upon the full finance term. If you finance a vehicle for 48 months, this would mean your car would have full coverage for the duration of that period. 

How Many Years Can You Finance a Used Car? 

When one of our premium pre-owned options catches your eye, you can rely on us to handle the logistics. Our team will get to work contacting lenders on your behalf to secure the most favorable possible deal. All we will need from you is the following information:

  • Valid Driver’s License
  • Valid Car Insurance Card
  • Any supporting financial documentation
  • Any existing vehicle documentation for your current vehicle

Once an advantageous deal is identified, a member of our team will work directly with you to detail each aspect of the agreement. So, how many years can you finance a used car? Factors such as your credit score and down payment amount will impact your terms. Our team can help you gauge the specifics of any deal you intend to sign. 

Financing A Used Car with Renaldo Kia

Now that you know how to finance a used car, you can find your dream ride with ease at Renaldo Kia. Still wondering, “Do you need full coverage on a used financed car?” Contact us today to discuss how many years you can finance a used car and other specifics of your intended purchase. Our goal is to be here for you to provide expert insight into all of your automotive questions and concerns. Visit us near Forest City to test drive a reliable pre-owned ride today!

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4425 East Dixon Blvd • Shelby, NC 28152

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