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What is a financed car?


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Wiki User
2008-05-07 05:36:00
2008-05-07 05:36:00

A "financed" car is one that is purchased with money that is loaned to you. You then make monthly payments at a certain rate and percentage for a certain number of years and months. The car is owned outright by the one who lent the money.


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You can, should, and are legally required to register a financed car.

car is broken and needs major repairs but is still financed how do pay for the repairs

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73% of new car purchases are financed, according to this website:

You ALWAYS need insurance on a financed car, and it has to be full coverage. Doesn't matter what state you're in.

That's a statement, not a question. What are you asking about the car?

I believe it depends on the state, but as far as I know, if you have to have full coverage on a financed car, it doesn't matter where it's financed. If you still have questions, ask your insurance person, they'll know the answer.

Legally, NO !!! can you, sure!! LOL

When your financed car breaks down, you need to get it fixed so you can drive it and keep paying your loan at the same time. If you can't afford to get it fixed, you can give the car back to the finance company.

Yes, no worries as long as that car has no defects and it is in good condition.

Because the bank owns the car. The person that financed the car did not pay the bank.

Yes, if it isn't completely paid for.

A car bought from a dealer is usually financed by a bank they want there money not the car back

Explain to them that you shared the financed "account," and you should receive the money because they car was also your car. Though, sorry to hear about your fiance :(

Since the car is financed, it already is collateral for a loan. Your car loan uses the car as collateral for that loan. I think the only way for you to use the car as collateral for a different loan is to have the NEW lender pay off your car loan, tack the ammount of the car loan on to the new loan you are getting, therefore they would then be the leinholder on the car.

No, you do not have to have good credit to finance a car. There are many companies out there for those with bad credit.

yes, just as if the bank financed a car, registered in an operator's name.

Yes, you can buy a car and have it financed before bankruptcy is discharged.

No. You can only insure a vehicle which is in YOUR name.

Answerno.I have a car that is financed through a bank. I recently found out that it has a salvaged title and I am having problems with getting full coverage insurance. the bank along with me didn't know it was a salvaged title at the time so what can I do.

YES, if they have the folks, ect. to do it. A lot of note lots do so.

Keep making payments on a car you don't have and learn your lesson about not letting your insurance lapse.

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