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How do I get a car loan without using the car as collateral?

I want to buy a used car, but I don't want to pay for full coverage car insurance. Can I get a loan for a vehicle without using the car as collateral?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Looking for a new vehicle is always exciting! Traditionally, the financed vehicle is used as collateral on most
car loans
, however, you can opt for a personal loan (aka, a “signature loan”) if you don’t want to use your car as collateral.
Signature loans don’t require any collateral. To get one, you need to provide your…
  • Credit history
  • Income
  • Signature
The only catch is that it’s unlikely you’ll be approved for a signature loan unless you have a steady income and a good credit score.
If you don’t qualify, you’ll likely have to use your vehicle as collateral to secure a loan. If you’re worried about overpaying for full-coverage insurance on your new vehicle, download the car insurance comparison shopping app
Jerry
.
Jerry compares quotes from up to 50 top insurers in mere seconds! The best part? The average Jerry driver saves $879 on insurance a year!
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