If I get a general loanfrom Fifth Third Bank, do I have to have full coverage auto insurance?
April 8th, 2010 by admin
I’m looking to buy a 1998 Grand Prix GT for $2700 and looking to take out a loan to do it. I’m not getting an auto loan, but instead a general loan. I was wondering if anyone knows if I’ll need to have full coverage insurance on the car while I’m repaying the loan? Thanks.
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Its up to the bank. My guess is that since the amount owed is so low - no - but that doesn’t mean they can’t require it.
If you are using the car as collateral you will have to have full coverage. If you are just taking out an unsecured personal loan then you won’t need full coverage. Think about what will happen if the car is totaled will you be able to make the loan payments and afford to purchase new transportation? You might want to but full coverage even if they don’t require it while you still have the loan.
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is it unsecured loan ? I dont think you need full coverage. get your best insurance quote at http://www.freeautowarrantyquote.com/FreeAutoInsuranceQuote.html