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Financing and Insurance

In the United States, automotive insurance covering liability for injuries and property damage is compulsory in most states, but different states enforce the insurance requirement differently. Financing your car would mean higher insurance premium. That is because when financing a car, your lender will require collision and comprehensive coverage, which is also called full coverage in the event of an accident or mishap. Full coverage will increase your premium cost. You may have the flexibility to decrease your coverage and get a cheaper rate once your car is paid in full.