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30 Van Nostrand Ave, Englewood, NJ, 07631

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Dealership Info

Phone Numbers:Sales Hours:
  • Mon - Sat9:00 AM - 6:00 PM
  • SunClosed
Service Hours:
  • Mon - Fri7:30 AM - 6:00 PM
  • Sat - SunClosed
Parts Hours:
  • Mon - Fri8:00 AM - 5:00 PM
  • Sat - SunClosed
Service

Do You Need Full Coverage on a Used Financed Car?

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If you need to know how to finance a used car and insure your new-to-you vehicle, you can rely on the team at Jaguar Englewood! We serve drivers from all walks of life, but there’s one question that we tend to hear again and again: do you need full coverage on a used financed car? Although your state may not require full insurance coverage, your lender probably will.

How to Finance a Used Car: Insurance FAQs

If you know anything about how to finance a used car, then you know that it’s always important to read into the details when you’re filling out your application. The terms of your agreement may vary, but most lenders will require you to have full coverage for as long as you’re paying off your loan. After all, the lender will technically own the vehicle until you’ve acquired the title, and they’ll want to be able to recoup their investment if anything happens to the vehicle.

If your vehicle has “full coverage,” it means that you have liability insurance, collision insurance, and comprehensive insurance. These three types of insurance ensure that you (and other drivers) are protected against collisions, vandalism, and acts of nature, and choosing full coverage is the best way to ensure that you’re never taken by surprise!

If, for whatever reason, you don’t want to pay for full coverage, you can choose to downgrade your insurance plan after you’ve paid off your loan. In most states, liability coverage is the only type of coverage that’s required by law.

How Many Years Can You Finance a Used Car?

Used car financing terms vary by a wide margin; your term may be as short as 24 months or as long as seven years. As long as you can afford the monthly payments, choosing a shorter loan term is always the smartest financial decision. The longer your loan term, the more you’ll pay in interest as the years go by.

If you’d like to lower your monthly payments while pursuing a shorter loan term, you can do so by trading in an old vehicle or taking advantage of our rotating pre-owned special offers.

Plan Your Purchase with Jaguar Englewood!

Here at Jaguar Englewood, our financing team wants to make it as easy as possible for you to find your ideal loan term and payment. Now that you know how many years you can finance a used car for, you can contact us to make an appointment and walk through all of the details in person.

 

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