Do You Need Full Coverage on a Pre-Owned Financed Car?

At Mercedes-Benz of Bloomfield Hills, we strive to provide the highest quality of service to ensure your visit is efficient and stress-free. Whether we’re helping you find your next quality pre-owned vehicle or answering questions about how to finance a pre-owned car, we have you covered. We’re breaking down the pre-owned car buying process as we answer your questions like “Do you need full coverage on a pre-owned finance car?” and “How many years can you finance a pre-owned car?”

How to Finance a Pre-Owned Car: The Facts

In most states, drivers don’t need full coverage insurance to drive off in their next vehicle. However, most finance lenders want to know that their investments are sound, which is why financial investors and banks require full coverage no matter if you purchase a new or pre-owned Mercedes-Benz vehicle.

When you get financing, you’ll learn about the term agreements that states how many years you’ll pay the lender before getting the vehicle’s title. So, if you apply for finance and get a loan with a term of 36 months, the lender holds the title as you pay off the loan during that period of time.

How Many Years Can You Finance a Pre-Owned Car? 

Once you have found your next reliable pre-owned Mercedes-Benz vehicle at our dealership near West Bloomfield, you will give our finance department important information so they can get in touch with lenders on your behalf to get the process going. Information that they’ll need includes:

• Valid Driver’s License
• Valid Car Insurance Card
• Any supporting financial documentation (i.e. last two pay stubs)
• Any existing vehicle documentation for your current vehicle (if applicable)

After pairing with your lender, we’ll go over the terms and your offer. Other things we’ll discuss include your credit score, which plays a part in your interest rate, how much you can put down as a down payment, and the length of the loan.

You can expect a stress-free experience as we help you find the next car that’s sure to enhance your Southfield commute.

Financing A Pre-Owned Car Near Birmingham

We understand that shopping around for a pre-owned car can be stressful, but not with us! We’re here to help you every step of the way so you can hit the Bloomfield Hills streets in a quality pre-owned car that didn’t break the bank. Feel free to reach out to our sales team with any questions or to schedule a test drive.