Where can I get a loan that won't require me to have full-coverage insurance on a vehicle?
I am looking to buy a used car for $12,000. I can put down $6,000 upfront. I don't want to pay for full coverage, so I don't want to finance the remaining amount through a car loan. Do I have any other options?
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Answered on May 07, 2021
“Most finance companies require that drivers carry both collision coverage and comprehensive coverage to protect the vehicle from damage.
If you do not want to carry this coverage, you may be able to get a personal loan through a bank or credit union. However, if they ask what the money is for, you may still be required to carry full coverage.
It is possible to find cheap car insurance, even with full coverage added.
You’ll want to look at different companies to get an idea of what it may cost. You can request car insurance quotes online to comparison shop.
Should none of these options work for you, you may want to consider buying a less expensive vehicle or saving up a bit more to cover the $12,000 cost. “
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