Do You Need Full Coverage on a Used Financed Car?

Financing a used car in the Minneapolis area doesn’t have to be complicated, especially when you do it with Jaguar Richfield Certified Pre-Owned & Service. How many years can you finance a used car? Do you need full coverage if the pre-owned car is financed? We know you have questions, and we hope to provide some answers. At the very least, we hope to provide you with a step in the right direction. Learn how to to finance a used car with Jaguar Richfield Certified Pre-Owned & Service, your used car-buying experts.

How to Finance a Car: Best Practices

Financing a used car can intimidate many St. Paul drivers, but it’s relatively straightforward. Do you need full coverage on a used financed car? Many states usually don’t require full coverage whether the car is new or pre-owned, but that’s if you don’t use financing to buy the car. Many lending institutions want to make sure that their investment is secured, so they will often require full coverage, even on a used financed vehicle. 

Here are some other financing tips that we recommend keeping in mind:

• Vehicle Title: When you finance a vehicle, you’ll usually see that there are term agreements which state how many years you’ll pay back the lender until you can receive a title for the vehicle. So, if you get a loan for the vehicle with a term of 36 months, for example, then your lender will hold the vehicle’s title for 36 months, then you’ll receive it.
• Full Coverage: Most of the time, you only need full coverage for the term of your loan. So, if we’re following the above-mentioned example, then your car would need to have full coverage for at least 36 months.

For more questions about financing a used car, reach out to our finance center at Jaguar Richfield Certified Pre-Owned & Service.

Average Loan Term for Financing a Used Car

How many years can you finance a used car? Usually, used car loan terms are around 60 months, but that number can vary depending on your credit score, history, how much you can put for a down payment, and other factors. To help you get the best rates and terms on your used car loan, apply for financing online at Jaguar Richfield Certified Pre-Owned & Service.

What You’ll Need for Financing a Used Car

Once you’ve found a used car that you can see yourself driving on the roads of Edina, your next step is to apply for financing. You can easily apply for financing online at Jaguar Richfield Certified Pre-Owned & Service, but regardless of how you apply, you’ll need the proper items. TO make sure that you get the most out of your application(s), here’s what you’ll need:

• Valid Driver’s License
• Valid Car Insurance Card
• Any supporting financial documentation, like pay stubs or other similar documentation
• Any existing vehicle documentation for your current vehicle if necessary

If you have any other questions about how to finance a used car, reach out to our finance experts here at Jaguar Richfield Certified Pre-Owned & Service. We’re here to help you feel absolutely confident in your financing decision and help you get the best possible rates, regardless of your credit history. Don’t forget to also check out our additional car-buying tips and advice.

Let Us Help You Finance a Used Car in Richfield!

Contact us to get the process started of financing a used car that you love. We look forward to answering any questions you have and helping you confidently grab the keys to a car that you’ll love.