Is there any way around paying full coverage on a financed car?
Question by : 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...
Question by : 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!
Best answer:
Answer by chris
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
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