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John W | If I borrow money from a bank to buy a vehicle, do i have to get full coverage on the vehicle? |
I am borrowing on an unsecure loan since i don't have any credit. My mom is co-signing with me. And I was wondering if I am gonna have to get full coverage on the vehicle until i pay the bank off? It's a used vehicle by the way. And I am paying for the vehicle in full, the only people I will owe is the bank.
Additional Details
I am borrowing $4,500 dollars from the bank to buy a vehicle that costs $3,600. So I will be paying for the vehicle in full, and the truck is from A used car lot. Now from what I understand I am gonna have to borrow under what the call an "unsecure loan". Now I don't know if that is a type of car loan, or just a loan of money in general. But I'm 21 and don't have credit established yet so my mom agreed to cosign with me. Now I'm wondering if I am gonna have to get full coverage on the truck anyways? |
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pooterilgatto
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Yes, you will need to have the car covered fully, the bank does not want to loose any money. Same with your Mom. make your payment on time, it will be good for your credit.
Your Mom does not need the expence if you default, she will have to pay. Be responsible it will be good for you record and your credit history |
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Atlas
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If you are getting a personal loan (not an auto loan) from the bank then you probably won't need to get full coverage. Those are hard to come by, as the bank usually likes to have some collateral when they give someone a loan (like the car itself). If the car is put up as collateral then you will need to get full coverage.
You have an unsecured loan, which means they are not requiring collateral on it. You WILL NOT have to get full coverage. Depending on how much your insurance company wants to pay for full coverage, how much the vehicle is worth and the amount of the loan it might not be a bad idea to just get the liability insurance. You'd probably be better off getting the full coverage, though.
I repeat: you have an unsecured loan, which means the bank is NOT using it as collateral. You DO NOT need full coverage. Full coverage would only pay you the blue book value of the vehicle anyway, which is probably less than $3,600 dollars. In your case, it might not be worth it to get full coverage. It all depends on the area you live in, what you're using it for, how good a driver you are and how much the insurance company wants to charge for it. |
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Worldly25
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Yes you need full coverage. If the car is totaled in an accident the insurance will help pay off the loan without that insurance you would be stuck for the full amount. |
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Rusty
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If I understand your question correctly the money you are getting to pay for the car is from an unsecured loan cosigned by your mother, which would mean the car is not being used as collateral. You said the car will be paid in full .If that is the correct scenario the bank cannot require you to have full insurance coverage since they will have no financial interst in the car. Of course the law requires you to have basic insurance coverage but it will be up to you on whether you get full coverage or not. |
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mntndo
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You will need full coverage. |
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annalyzedgourds
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Most definetely.
Signed,
A former banker of 21 years |
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treealbero
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Yes, you'll need collision and comprehensive coverage on the vehicle. The leinholder will require this so they know they'll get their money if you wreck the car. Your mom will also need to be listed as have an additional insurable interest since she cosigned. |
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Angie
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Must you have full coverage? Probably not. But what happens if you buy a $20,000 car, cover it for $15,000 and then total the next week. You now are $5,000 short to repay the loan. |
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debansweru
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did you get a quote from a credit union?? it was way cheaper for me.
If you have the lien or title for auto. And it is showing you own vehicle. It's paid off. You can have less than full coverage.
If bank is holding title until you pay off loan, by law you need full coverage.
But why anyone would want collision only is beyond me. You mean if someone hits you and they don't have insurance or money, you are ok with the loss of your truck? You will still have to pay off loan.
full coverage protects your butt as well. if you cant afford full insurance i would wait till you can.
my son did what your thinking about and is now paying off loan for a totaled car. he is so upset he didn't have full coverage. |
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doyougotsand
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Yes anytime you have loan on a vehicle you have to have full coverage. |
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Stan A
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90% of the time unless you give something else for collateral. |
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nco
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I don't believe so.. at least when I got my first car..I had a loan from the bank and didn't have full coverage insurance. If you are curious you could ask the bank. |
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xwhoaitsnikkix
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You have to get full coverage on a vehicle if you have a loan from the bank, or if a car dealer finances it for you. The only way you don't have to have full coverage is if you pay cash and out right buy the car. |
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