How do I get insurance for a car loan if I don't have a car?
My bank said I need to show proof of car insurance to get a car loan. How do I get insurance without a car in the first place?
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Answered on May 31, 2021
“If you’re thinking about taking out a loan for a car, you probably have a good idea of what you’re looking for in a vehicle. You should also know the approximate amount that the bank will approve the loan for.
Once you have this number, pick out the specific car you want and gather some basic information, like the price and vehicle identification number (VIN). The insurance company will need this information in order to give you a quote.
Once you have your vehicle and insurance picked out, make the first payment on your insurance policy. Next, go back to the bank and show them the proof of insurance and the purchase order from the car dealership. They’ll then give you the check for the down payment on your vehicle.”
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