Can I pay for car insurance with the loan you got to get car ?


6 Answers

Ancient One Profile
Ancient One answered

As far as I know you can't. Who ever you are buying the car from or at least the entity providing the laon is not an insurance company.

Soul Fly Profile
Soul Fly answered

Most banks will actually not issue a loan unless the vehicle already has full coverage insurance. As the loan is paid out to the dealer and not the individual I do not believe that this would be possible.

Jann Nikka Profile
Jann Nikka answered

No, Loan money is typically paid directly to the company financing the car and you don't get any money directy handed to you. You may be able to ask the bank or loan company to set side extra funds in the form of a check from the loan for car insurance.

Barb Cala Profile
Barb Cala answered

If you can't independently afford insurance, you shouldn't have a car.  You have to prove you have insurance in most cases when you apply for a loan.  Lender wants to know that you are protecting their interests.   

Tom  Jackson Profile
Tom Jackson answered

A loan to purchase a car (for which the car is security) does not typically include an additional amount to purchase insurance.

But depending on who is giving you the loan, you may be able to work out some arrangement to do so.

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