Alexandoy
VIP Contributor
A car loan here taken from a private lender does not get the car. You use the car while paying the installments. But what happens if something wrong happens to the car and you had just paid a few installments for a 3-year loan?
That happened to a relative that his new car that he bought by a loan was stolen after a few months. The owner was distraught until he realized that the car was insured. The comprehensive insurance promised to cover the damages including a total wreck. With a stolen car that is considered a total loss so the insurance company paid the owner. If he did not get a comprehensive insurance for his car then he would be owing the car dealer a big amount.
That happened to a relative that his new car that he bought by a loan was stolen after a few months. The owner was distraught until he realized that the car was insured. The comprehensive insurance promised to cover the damages including a total wreck. With a stolen car that is considered a total loss so the insurance company paid the owner. If he did not get a comprehensive insurance for his car then he would be owing the car dealer a big amount.