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What is considered a new car for a loan?
What would be considered a new car for a car loan? I found this great car for sale that someone else owned for a little while but never drove!
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While a car that’s never been used may seem new to us, cars are only considered
new vehicles
for a loan if they have never been registered for personal use. That said, some states have different requirements for defining a car as new.For example, cars are considered new in California if they have less than 7,000 miles on the odometer at the time of the sale. So your car could be considered new in California, even if it were considered used in another state.
Remember, whether your car is new or used, you’ll likely need a new insurance policy to get it registered. Luckily, the
Jerry
app can help you find the best rates on the coverage you need in minutes.Just download the app, answer a few questions, and Jerry will help you compare personalized quotes from top providers like Allstate and Liberty Mutual for free. Users save an average of $879 per year—and it only takes a minute to sign up.
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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