Is there a way to get a loan for a car and not have to pay full coverage? Im looking to get a used ss/sc maybe and i just do not want to pay full coverage on it. I was told any auto loan, you have to get full coverage for the car.

 

i understand that as well, till its paid off

 

The reason you need full coverage is that you don't own the car, the owner of the car is the party that controls the lean on the car.

Also think of it this way...
You buy the car, total it 3 months later because of some other stupid idoit driver and can't prove it was there fault. Now you have to pay the remainder of the loan except now you don't have a car to drive...

 

I think i see what youre saying. I wanted to do that for a motorcycle.. like possibly take out a 6k personal loan from the bank and use it to payoff a bike.. that way my insurance would only be 200 a year... not 8k a year.

 

8K for insurance for a bike. Get real.

 

If you get an auto loan you are going to pay full coverage. Its a fact.

 

dont get an auto loan, get a personal loan and pay the car off, then just pay on the loan

 

NO... if there is any type of (commercial) lein, guaranteed money for loss is always required.
OK....Would you give YOUR money to a stranger to help them buy a car without some sort of guarantee to re-coup your money in case .. 1)They don't make payments and unit is re-possed (so car comes back to you to sell to get your money back) 2) Car is "totalled", insurance will satisfy leinholder first to cover loan,, and sometimes after a "total"... borrower may get the attitude. "car is totalled and does me no good, so I'm not going to continue payments."... See????
Maybe a close friend or family member will offer the luxury or not requiring it, but may vary state to state, especially if your DMV sees LEIN on title application.
Didn't mean to confuse or get longwinded.... just that how it should work. Hope it helped.

GTO 1

 

Took the words out of my mouth

 

Then your gonna just pay what your not paying on insurance on the interest for a personal loan.

 

not true, on my car intrest was higher thru the dealer vs. refinancing a new loan thru the bank

 

You better not be so stupid as to wreck your car and not have insurance pay off the worth of the car. You would get stuck with a full loan to pay off and that equals dumb as hell.

 

NO

/end thread

 

Yeah I think this is true for every loan company, until they have payment in full, they wont risk having "their" property damaged.

 

For an auto loan or personal loan? There is a difference and auto loans in most cases have a lot lower interest rates.

 

thats what i told them when they quoted me.

 

wow i pay like 100 MAX for the months i have it registered its like 22.50 a month

 

I had them quote me on a GSX R1000 i wouldnt have the 10k cash to pay it off, thats why its so high.. 18-25age range.