At Basil Ford of Niagara Falls, we understand that many North Tonawanda drivers dread the automotive financing process. When you are shopping for a used vehicle with us, our team is dedicated to streamlining used car financing and answering any questions you may have.
A common question we hear from our Grand Island customers is, “Do you need full coverage on a used financed car?” Our finance department has created this helpful guide on how to finance a used car and what type of insurance you will need to hit the roads of Lockport.
How to Finance a Used Car
So, do you need full coverage on a used financed car? In most states, it is not a requirement to have full coverage no matter if you opt for a new or new-to-you vehicle. However, if you are financing the vehicle, the lender may require you to have full coverage. Finance lenders want to ensure their investments are sound, so usually full coverage insurance is contingent on the full term of the finance period.
When you are financing a used car, or any vehicle for that matter, there are term agreements that lay out how long you will have to pay back a lender before you receive the title to your vehicle.
How Many Years Can You Finance a Used Car?
After narrowing down your search and finding a used car that meets your needs and falls within your budget, it’s time to start the financing process. First, you will provide some information to our finance team so that they can contact lenders on your behalf. This will likely include:
When you’re paired with a lender, we will go over the terms of the offer you are given. How many years can you finance a used car? Lenders will look at certain factors such as your credit score and your down payment amount. These factors will affect how short or long your finance period can be.
Basil Ford of Niagara Falls Makes Used Car Financing Stress-Free
When you work with the right team, used car financing is not a hassle. Contact Basil Ford of Niagara Falls today if you have any questions about how to finance a used car.