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Yes. If you do not have insurance on a car or house that is used as collateral for a loan the lending institution can take out insurance and charge you for it. The insurance THEY use will be far more expensive than what you can purchase privately, and will not protect YOUR interests, only theirs.

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โˆ™ 2005-09-20 11:47:47
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Q: Can a bank add insurance to a loan?
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Does a bank have to refinance a car to transfer payments to someone else?

Yes. Or the bank can "add" you to the loan and retain the originator too making the loan a "joint" or "co-signed" loan.


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I want to get an insurance claim that I got with an auto loan from a bank. How can I go about it?

Approach the bank that you have the agreement with to discuss the issues


What is the cost of a bank loan called?

Under FHA, the cost of a bank loan is called a MIP, or mortgage insurance premium. Some banks also call this the interest on the loan. A person borrows a certain amount from the bank and then pays a percentage on that money borrowed.


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What happens if an insurance makes out a check to myself and a bank?

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What is easier to pay car loan or bank loan?

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Learners permit insurance loan?

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What is loan boarding?

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What is the difference between a bank loan and a bank credit?

What is the difference between bank loan and bank credit?


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