Do You Need Full Coverage on a Used Financed Car?

Whether you’re shopping for a used Honda Civic or a used Chevy model for your Queens commute or a used Toyota Tacoma, you might start wondering just what you need to make a successful purchase. For example, do you need full coverage on a used financed car or not? For the most part, yes. Your lender will require that you have full coverage for as long as they hold the title! Let’s get into the basics of car insurance!

Why Does Full Coverage Matter?

Most states require full coverage insurance on your financed vehicle. That’s because purchasing a car is a big investment and if anything goes wrong, the lender wants protection against losses. However, there is a limit to this requirement. You only need full coverage while the lender still holds the title to your vehicle. That’s why it’s so important to pay attention to factors like your loan term when you’re signing the paperwork for your vehicle – but Major World will detail everything that you need to know!

How Many Years Can You Finance a Used Car?

Your loan term is customized for you, which means that the answer will vary from person to person. The experts at Major World will work hard to find the right loan term. Ideally, we want to make sure that you can pay off your car as soon as possible. However, the shorter the term, the bigger the monthly payments. The longer the term, the bigger the interest rate. That’s why it’s so important to work with a team that can find just the right balance for your needs.

So when you visit us in Long Island City, be sure to bring the following documents to get the process started:

  • 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)

How to Finance a Used Car with Major World

Located in the Bronx area, Major World is here to make the auto financing process easy. Follow our 10 steps to buying a used car to find that perfect sedan, SUV, truck, or minivan and we’ll be happy to get the keys in your hand! Want to learn more? Find out all about trading-in your car and contact us with any questions!

More from Major World

  • Used Mitsubishi Eclipse Cross Reviews

    When released in 2018, the Mitsubishi Eclipse Cross made a splash on the crowded compact crossover SUV market with great fuel economy, available all-wheel drive, and a price lower than almost all of the competitors. Over the next two years, the Eclipse Cross has cemented its reputation as an efficient vehicle with exterior style in…

  • Hyundai Sonata Safety Ratings

    Are you searching for your next sedan and looking for an affordable and reliable vehicle? Take a look at the Hyundai Sonata safety ratings and discover how this could be one of the safest sedans currently on the market. See why the Institute for Highway Safety (IIHS) and the National Highway Traffic Safety Association (NHTSA)…

  • Get An SUV That Holds The Best Value in its Class!

    Long Island 2014 Honda CR-V EX | NYC Used Car Dealer If you are looking for an SUV that is just the right size with the perfect balance of style and comfort, then the 2014 Honda CR-V EX is just the right fit. The Honda CR-V was the best-selling SUV in 2012 and 2013 for…


Saved Vehicles ×


You don't have any saved vehicles!

Look for this link on your favorites:


Once you've saved some vehicles, you can view them here at any time.

Contact Us ×

(866) 614-2884

Call Now

43-40 Northern Blvd • Long Island City, NY 11101

Get Directions

Today's Hours:

Open Today! Sales: 9am-11pm

Open Today! Service: 8am-5pm

Open Today! Parts: 8am-5pm

[schema type="organization" orgtype="LocalBusiness" url="" name="Major World" description="" street="43-40 Northern Blvd" city="Long Island City" state="NY" postalcode="11101" country="United States" email="" phone="(866) 614-2884" logo=""]
Major World
Major World
43-40 Northern Blvd
Long Island City, NY, 11101 United States
(866) 614-2884
Major World 40.7531179, -73.918293.