What You Need to Know About a Financed Used Car

Tiny car with insurance documents

 

Unlike other dealerships around Farragut, we make purchasing a new car as easy as possible. After you’ve browsed our extensive inventory of pre-owned vehicles, you’ll likely find one that’ll perfectly fit your needs. However, before you begin the financing process, you’re probably wondering, “Do you need full coverage on a used financed car?” and we’re here to help you answer that. Today, the experts at Ole Ben Franklin Motors are going to go over everything you need to know about the financed used car insurance process and touch on how to finance a used car in general!

Do You Need Full Coverage on a Used Financed Car?

So, do you need full coverage on a used financed car? The answer really depends on a couple of different factors. Most states don’t actually require you to have full coverage insurance when you drive off the dealership car lot. However, if you need to apply for financing, most lenders will require you to have full coverage insurance, regardless of if the vehicle is new or used. While many lenders might require you to have full coverage insurance, others may not.

Some lenders might even have different terms and clauses related to car insurance and the term length. It’s best to check with the lender and your specific state’s laws to make sure you’re not disrupting any contracts or rules. You can always take a short drive from Sevierville to our dealership and we’ll help you answer any specific questions.

How to Finance a Used Car

If you’re not sure about how to finance a used car because you’ve never gone through the process before or you just need a quick refresher, we’ve got you covered. Financing a used car is easy when you work with Ole Ben Franklin Motors. After you’ve browsed our comprehensive inventory and found your favorite model to tackle the Seymour commute, you can begin working with our finance team. Like most lenders, our finance team may require some information to get you started such as:

  • Valid driver’s license
  • Valid automotive insurance policy
  • Proof of current address
  • Proof of income
  • Vehicle trade-in information (if applicable)

After you’ve gathered the necessary paperwork and pieces of information, we’ll begin discussing your credit history to provide you with your auto loan rates and terms. It’s that easy to finance a car at our dealership so stop in today to begin!

Get Automotive Financing Today at Ole Ben Franklin Motors!

Financing your next vehicle doesn’t have to be a long and tedious process. Visit Ole Ben Franklin Motors today and get automotive financing that’s straightforward and simple. We look forward to meeting you in our Knoxville showroom to get you behind the wheel of your favorite model. As always, please get in touch with someone from our team if you have any concerns or need further assistance! We can help you go over all of your financing options and even additional information about GAP insurance coverage or how financing a car with no credit works. Stop by for more information!

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  • What Makes a Used Pickup Truck a Good Investment?

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  • Why Used Cars are Perfect For your High School Grad

    If you’re ready to buy a new car for your recent high school graduate, we have a suggestion. Why not buy one of the used cars available at Ole Ben Franklin Motors? There are more than a few good reasons to consider a pre-owned car for your family’s newest driver.

Ole Ben Franklin Motors 36.002422, -84.247453.