How would I go about buying a car on payments without getting full coverage insurance?

How would I go about buying a car on payments without getting full coverage insurance?

Im looking at a 2008 Mercury. I want to buy the car on payments without having to get expensive full coverage auto insurance. I can put 1/2 down on the car. Is there a way to do this?I live in Suffolk County...NY

Louis

If you can't afford the insurance, you can't afford the car.

LeAnne

Unless you can obtain a non-secured personal loan, most lenders will require full coverage on a vehicle loan - and they will retain the title until it's paid off.

tinam

Most car lots and financial institutes require full coverage on new vehicles while you are making payments.You can however after you leave the car lot with your new car, call another insurance company and lie about making payments on the car and take the chance that you will hit someone at your fault and then be stuck with owing the balance on the car. Plus owing for their damages that the liability amount did not cover.Your best bet is to put a little less down on the car and use that money to pay your premium.It does not cost that much more than liability.

mbrcatz

Well, you don't use the car for collateral for your loan. That means, you get a personal (unsecured) loan from your bank- or you charge the balance of the purchase price on a credit card- or you take out a home equity line of credit- or you use something ELSE, besides that car, as collateral for the loan.As long as you're using THAT CAR as collateral for the loan, you'll need full coverage. If you're using something else for collateral, you'll have to carry insurance on that something else, whatever it is.

rick29148

In this case, the loan company can specify what coverage you have to carry... Try another loan company ??

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