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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 around $12,000, but I can only put down $6,000 upfront. I don't want to pay for full coverage insurance, so want to avoid financing the remaining amount through a car loan if possible. Do I have any other options?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Most finance companies require that drivers carry both
collision coverage
and comprehensive coverage
to protect a financed vehicle from damage. If you do not want to carry this amount of coverage—commonly termed “full coverage”—you may be able to get a personal loan through a bank or credit union. However, a bank or credit union may still require you to carry full coverage on the vehicle, even if it’s a personal loan.
Even if you can’t get around certain coverage requirements, you can still shop around to find
cheap car insurance
for full-coverage policies.What to do: You’ll want to request quotes—either
online
or by calling a customer service representative—from at least three to five different insurance carriers to get an idea of what full-coverage insurance may cost for the vehicle in question.Should none of these options work for you, you may want to consider buying a less expensive vehicle or saving up a bit longer to cover the full cost of the vehicle.
View full answer
- Gregory R.
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