I am looking to put down 5000$ and finance a car that is around 11-12k so Ill be taking out roughly an 8000$ auto loan
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you might want to rethink you question because it you just get minimum coverage and you total you car,you are on the hook for car payments and a car that is totaled and sitting in a junkyard.
If the vehicle is being financed, then full coverage is mandatory – it is for the loan company, not for you
You must be financially responsible to drive a car in the U.S.A. – all states require BI/PL liability insurance. You can have a paid for car and still have to have comprehensive insurance. If you have a registered car, and fail to insure it, then the DMV will revoke your Drivers License.
You always have to get full coverage auto insurance when financing a car, period.
Question, can you afford to replace the car out of your pocket if you wreck the car and it is your fault, even if you were not to finance the car?
If not, full coverage auto insurance is the way to go anyway.
Other option, by a $2,500 car with cash, keep the other $2,500 in savings in case you wreck the car and have to replace it (self insurance).
With the way that car loans have been a challenge to get recently. The online places are fast and I have heard the are easier to quailify sometimes.
I suggest http://auto.deal4-you.com
You need to put down 100% of the car cost. 100%.
As long as you owe the finance company money, it is mandatory to have full coverage insurance. This is to protect the bank’s money, not your property.
hi
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Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.sinfree.net