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If you get an auto loan from the bank do you need full coverage?
Wiki User
∙ 12y ago
Yeah. You need to protect their investment until you pay them off. If you don't have full cverage; you alone are assuming the full responsibility for the remaining balance if the car is totaed; stolen; or otherwise becomes undrivable because of an accident.
Wiki User
∙ 12y ago
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Minimum auto insurance on an auto loan?
full coverage
Do i need full coverage on a financed vehicle that is garaged and i do not intend to drive?
Yes. Damage could still happen to the vehicle and the loan company or bank will require full coverage.
Do you need insurance for an auto loan?
Yes,, All auto finance companies require that you provide full coverage on the vehicle until it is paid off.
I have an auto loan in my name can i get another auto loan in my name?
If you are already running a loan, then you can take a loan from another bank not from the same bank. If still you want a loan from same bank, then you can get on your parents name.
Do you have to have full coverage?
On a car? If it is old, then no. If it is new, I suggest you get full coverage because it will cost less to fix it than replace it. If you finance any portion of the loan in which the car is having a lien on it, you will need to protect the collateral and the bank will require a full coverage policy.
Is there a website that can calculate bank rates for an auto loan?
There is a website that can calculate bank rates for an auto loan. Simply go on bankrate.com, click on auto, and fill out all relevant information to calculate bank rates for an auto loan.
What is your responsibility to the loan holder when you have an auto accident?
The same as they were before the accident. You owe the balance of the note loaned you. If you had full coverage auto insurance then you will likely have no need for concern.
Do you have to have full coverage on a sports bike if you get a bank loan or will liability due?
More than likely your lien holder will require you to carry collision and comprehensive coverage in addition to liability coverage, this is to protect them/their investment.
Coverage on auto insurance when you have a car loan?
Yes, you should get auto insurance coverage when you have a car loan, and even when you don't have a car loan. The law requires it either way anytime a motor vehicle is operated on public roads..
Where can I find a quick auto loan?
You may be able to receive an auto loan through a bank or savings. The government may not provide you with an auto loan.
If I buy a new car with a loan, do I have to have liability auto insurance in New York State?
You are required to have liability insurance on any vehicle. The lender may require you to have full coverage as a loan condition.
What companies offer auto loan refinancing?
There are several companies that offer Auto Loan Refinancing. Some online companies include my auto loan and credit provider, however you can also go to your bank or another bank like Citibank and Wells Fargo bank to get a refinancing loan.
