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When you finance your next vehicle at Chevrolet GMC Of Fairbanks, we make the process quick and easy. Our finance department knows the ins and outs of vehicle financing, so we can help you from search to signature. We often hear the question, “Do you need full coverage on a used financed car?” Because many North Pole and Fort Wainwright car shoppers have this same inquiry, we have the detailed answer below. In short, the answer is, practically speaking, yes. Find out more by reading on or contacting us anytime!
When you buy a used vehicle, you very likely won’t be required to hold full coverage by law. However, as a requirement to be approved for financing, most lenders will require you to hold full coverage as a means of recouping their financial investment in the vehicle if you were to total the vehicle and default on your loan. This is the reason that when financing a car, regardless of its condition, you’ll generally have to get full coverage.
In most cases, full coverage insurance is contingent on the full term of the finance period. In other words, if you have 36 monthly payments to pay off the vehicle, you’ll have to hold coverage for that amount of time, no more or no less.
When you finance a vehicle, you can generally finance it for between 24 and 96 months, but the term you’re offered will often depend heavily on your creditworthiness. When you do apply for financing, you’ll generally need to have the following at the ready:
Once you’re matched with lenders and loans, our finance team can help explain all of the terms to you, including any requirements about full coverage. Factors such as your credit and what you’re able to put down will have an impact on your loan details.
We make auto financing a snap. Give us a call at (907) 452-8211 for details, then apply for financing online. You can even check out our used vehicle specials to save more on your next used car purchase in Fairbanks.
The HUMMER EV 3X Pickup offers a bold and distinctive way to switch to the EV lifestyle. Equipped with plenty of raw power, iconic HUMMER styling, and class-leading features, this truck is sure to revolutionize all your drives in North Pole, Fort Wainwright, and beyond. Here is a quick overview of some of the 2024 HUMMER…
The best way to keep your vehicle running smoothly on the North Pole roads is to bring it in for regular service. Fortunately, the service center at Chevrolet GMC Of Fairbanks can take care of everything! From oil changes to battery inspections to fluid replacements, we’re equipped to handle anything from routine maintenance to emergency repairs. Service…
The GMC Canyon is a midsize pickup truck that has the necessary power and premium features to get you around North Pole and beyond. Trim levels for the 2022 GMC Canyon start at $26,800 and come in 3 different trims that Fort Wainwright drivers can select from when visiting Chevrolet GMC Of Fairbanks. Find out more about GMC Canyon…