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Not many Sandy drivers know that you can finance a used car, much less how to finance a used car. That’s because not every dealership offers long term loans on used vehicles. To top things off, financing a used vehicle comes with its own set of unique rules. Some of the questions many Draper drivers ask us when learning how to finance a used car are, “do you need full coverage on a used financed car?” or “how many years can you finance a used car?”. Luckily, we have the answers you need to shop like a pro.
Read our guide to find out how financing a used car changes insurance requirements. We’ll also cover how many years you can finance a used car, among other issues that the prospect of used car financing can raise. While you’re here, be sure to pull up our payment calculator and finance application.
So, do you really need full coverage on a financed used car? Probably. The majority of states won’t require Salt Lake City drivers to purchase full coverage. That said, if you don’t get full coverage, most banks or lenders won’t give you a loan, regardless of whether your car is new or used. But are you required to maintain that full coverage?
When you finance a used car, you and your lender will work together to determine how many years you can finance a used car, and they’ll hold the title of your vehicle until you pay it off. To stay within the bounds of your contract, you’ll need to continue paying for full coverage. One last time: do you really need full coverage on a financed used car? Absolutely.
Honesty, the answer to “how many years can you finance a used car?” should be the same answer to “how many years can you finance a new car?”. It depends on the price of the vehicle, your credit, the amount you’re willing to put down, and what terms the lender is willing to offer.
If you have any lingering questions, don’t hesitate to reach out to our finance department in Sandy. Our team is here to help you every step of the way through the process of how to finance a used car. While you’re here, be sure to check out some of our other handy car shopping tips, covering topics like whether or not you should refinance your trade-in or whether you should pay your loan off early.
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