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Anybody got any suggestions for financing a car without requiring comprehensive/collision insurance?
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Highly doubt any legit financial Institute would allow....
How I do it, is I pay cash for my cars.
Which eliminates the third party(financer), thus saving monies on insurance. and other aspects ;O) |
Second mortgage?
Many a rally car has been financed this way.
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Yeah.
Don't.
It's a terrible idea. You're basically taking a lon out on an unprotected asset which is subject to tremendous risk. Why would you want to do that ? Not only do lenders require insurance, they even mandate artificially low deductibles! |
I once heard the idea
to get a new credit card that allows balance transfers, trnsfer the balance from the car note to the CC, and pay it off before the 6mo or 1yr time limit. When u transfer the balance you are paying off your car not and can drop the insurance, or turn it down to liability only.
HTH heybiff |
Why not get a line of credit and pay for the car with that?
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Apparently you don’t have the cash to layout the money to buy the car outright, correct? So what makes you think you will have the cash to pay the bank back when the car gets totaled in some freak accident? Assuming your a good driver, insurance shouldnt be but $30-$50 month right? But we are all on roads with really bad drivers. If your a bad driver, all the more reason to cover your car. If you can afford the insurance then maybe you should look at a lesser car more in your budget. |
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