Do You Need Full Coverage on a Used Financed Car?

Couple looking to finance their car with a loan officer

Many Arlington drivers dread the process of financing a used car, but it is actually quite simple at Alexandria Volkswagen. Our team is here to guide you through how to finance a used car so you know you are getting a great deal.

A common question we hear at Alexandria Volkswagen is, “Do you need full coverage on a used financed car?” Our finance experts are here to break down the used car financing process as well as answer this question and more.

How to Finance a Used Car

In a majority of states, full coverage is not necessary with the purchase of a new car or used car. Keep in mind, however, that many finance lenders want to ensure they are making a solid investment. Because of this, your chosen financial investor or bank may require you to have full coverage on your new or used car.

No matter if you are financing a new or used car, there are term agreements that designate your loan term, and when these are met, you can receive the title. For example, if your loan term is 36 months, your lender will hold the vehicle’s title for that length of time.

In most cases, full coverage insurance is contingent on the full term of the finance period. If we use the previous example of a 36-month loan term, you would need full coverage insurance on your used car for that 36-month period.

How Many Years Can You Finance a Used Car?

After you have found a used car at Alexandria Volkswagen that checks all of the boxes on your wishlist, it is time for our finance experts to help you secure competitive financing in the Washington DC area. To get the financing process started, it is a good idea to have the following items on hand:

  • Valid Driver’s License
  • Valid Car Insurance Card
  • Any supporting financial documentation (i.e. last two pay stubs)
  • Any existing vehicle documentation for your current vehicle (if applicable)

Once you have been paired with a lender, a member of our finance team will explain the terms offered by the lender. How many years can you finance a used car? Your down payment and credit history both play a role in determining the finance period.

Used Car Financing is Hassle-Free at Alexandria Volkswagen

When you shop for a used vehicle at Alexandria Volkswagen, you can expect a stress-free experience. If you have any questions about your options or a particular vehicle, do not hesitate to contact us for more information.

Alexandria Volkswagen 38.8365955, -77.0597743.