Is there any way around paying full coverage on a financed car?
I’m trying to buy a 2007 mistubishi eclipse. it’s the perfect little car for myself. saw it at a dealership and fell in love with it. i’m 19 and i have two jobs making about 1500 a month. but i’ve been looking at car insurance rates online and they’re ridiculous. like 550 dollars a month, plus like a 450$ down payment for full coverage auto insurance. since i don’t have 14,000 in my pocket, i would need to set up a loan with the dealership. but my question is,…. if i went to my bank and told them i needed a 14000$ loan for something other than a car, would i be able to pay off the dealer in full and just put the car under liability? while of course paying my bank off for the loan.
and i also live in PA, i don’t know if the state i live in makes a difference.
thanks!
Technically I guess you could but if you got in an accident you would be f-ed in the A if the person who hit you does not have insurance. You would be stuck with the remainder of the loan and no vehicle. Plus the bank is probaly not going to give you a personal loan for 14000. Banks are tight asses right now unless youve had atleast 5 to 10 lines of credit and a 750 credit score. And if the bank does find out your buying a vehicle with a loan they gave you and your not insuring their 14000 dollars they might get pissed
.nope,they want that car completely covered so that if anything,and i mean anything happens they won’t stand to loose one thin dime,as it is their car until you make the very last payment.so pay the car off and take the risk that you would like them to take,or you could be like the rest of the world and play by the rules and ensure that the contract that you agreed to is maintained as your part of the bargain when you ask them to loan you the money to purchase the car that has become the primary collateral.if you somehow avoid this mandatory insurance of their property,then they have the right to place an attachment on any other valuables that you own,and if their are none then your wages can be garnished and in the process of those proceeding should it appear that you tried to circumvent your agreement to secure their assets,then the law would be involved in a case of you attempting to defraud the lender
State farm my mom just got a car in a dealership…. She is going to pay .199 a moth no down no…..problem try it out
Those online websites are for suckers who want to give away name address email and phone number so someone can sell it to telemarketers, and to make it look legit they ask twice as much as you could do it the correct way which is pick up the phone and go through the local yellow pages and get a quote. If you cannot afford insurance you will not get a financed car, and if you stop paying insurance for full coverage the insurance company notifies your lien holder and they repossess your car for no insurance since the ones you screw is them when you get in a wreck. They already know that game. Once your first policy has been paid successfully your rates will come down. You have to be able to carry high rates the first six months to a year, because you are a higher risk , not having had previous insurance. Sometimes you can get a six month policy, and pay higher rates for six months. Just no tickets or accidents. And once you get the renewal notice your rates should come down, and with a renewal notice this is like gold , almost any insurance company will write you a policy. Call 10 or 12 local agents at first, make notes on rates then call back the ones you like.