While many Amherst drivers dread the used car financing process, that does not have to be the case at Basil Resale Sheridan. When you shop with us, our experts are here to guide you through every step of the process, from search to signature. Car shopping is fun again at Basil Resale Sheridan, and the financing process is stress-free.
A common question we hear from Clarence drivers is, “Do you need full coverage on a used financed car?” Our finance experts explain this and more below.
In most states, full coverage insurance is not required to drive off the lot in a new or used car. However, finance lenders often require full coverage to secure their investment. If you take out a loan, there is a good chance that you will need full coverage until the loan is paid off.
When financing a new or used car, you are bound by term agreements that determine how many years you’ll end up paying back a lender before you receive the title to your vehicle. For example, if you apply for financing and obtain a loan for a term of 36 months, your lender will hold the vehicle’s title for that period of time. In most cases, full coverage insurance is required for the entirety of the finance period. So, for the 36-month loan example, you would need to have full coverage insurance for those 36 months.
Once you have found a pre-owned vehicle at Basil Resale Sheridan that checks all of the boxes on your wishlist, we’ll hand it over to our finance experts. During the financing process, you’ll provide a bit of information to our finance team so that they may contact lenders on your behalf. You will likely need the following:
When you’re paired with a lender, we will go over the terms of the offer so you can finance your used car in no time. Your finance team member will explain the terms the lender offers, including the length of the finance period, which may be affected by factors like your credit score and the amount of your down payment.
At Basil Resale Sheridan, it is our goal to get you behind the wheel of an affordable pre-owned vehicle in pristine condition. Contact us today for more information or if you have any additional questions about the financing process or your insurance options.
Interested in buying a used electric car around Amherst? Since January 1st, 2023, purchasing a used EV or FCV from a licensed dealership for $25,000 or fewer makes you eligible for a used clean vehicle tax credit. Not sure what the used clean car credit is? View Used InventoryCar Buying Tips This…
