I want to buy a private party vehicle, but I wanna use the bank's money and pay it back in payments with a private party auto loan. Has anyone else had experience with this?
Do I need to have full coverage on the vehicle?
Depends on the terms of the loan, as its up to the lender, but if you don't get full coverage then they will typically charge you an extra fee so they can pull their own insurance on the loan money(not insurance on your vehicle, just on the money they loaned you in case you don't pay it back). Unless you use something else as collateral for your loan. Unlikely any lender would really want to, but the only reason they care about insurance is because that vehicle is their collateral, if you don't pay the loan they get the vehicle, so if you wreck it and don't have insurance they don't want you just not paying and giving them a wrecked vehicle worth nothing.
That all depends on the term of the loan and the collateral you put up to cover the loan.
Remember whatever happens to the vehicle you still must pay back ALL you borrowed plus interest.
Yes when you finance a vehicle, the lender's name is on the title as legal owner (until the loan is paid off) and they require you to maintain full coverage insurance during the full finance period.
Need or should? if the loan isn't linked to the car the bank doesn't care about the coverage. But remember. If you have liability only and you total the car you still owe the money.
Yes you do, if the vehicle has a lien on it( loan against it) full coverage is a condition of the loan.
Another fake account created on Jan 10.
Didn't anyone else think it was funny that FOUR questions about full-coverage insurance popped up at the same time?
yes you do. my boyfriend just recently got a loan and had to have full coverage driving the vehicle home
Yes if you borrow money for a car from any financial company ,you have to have full coverage
They're going to insist on comprehensive insurance – it's their collateral until you pay off the loan.
Copycat TROLL. All questions are copied from other people's questions from the past.
Hey, kid, get a new hobby.