First Choice Insurance helps people in the Fairfield, OH area secure high risk insurance, including SR-22 insurance, in the event that their licenses have been suspended or revoked. Their team of friendly insurance professionals can help guide you through the entire process, from helping you find cheap car insurance to applying for SR-22 insurance and more.

Many First Choice Insurance clients have asked whether or not it’s possible to finance a car while holding SR-22 insurance. While it’s true that banks are more conservative than they used to be about lending money, there are many ways to finance a car with SR-22 insurance. Read through this quick guide to make sure you know all of the important information about auto financing:

• Apply for a secured loan: The first step to getting financing is applying for a secured loan from a bank or credit union. To make sure you are a good candidate for a loan, the lender will likely ask you for proof of income as well as your credit score. This helps them determine whether or not they want to lend you money.
• Sign on the dotted line: Once you have passed the financial requirements, you will be issued a secured loan for your vehicle purchase. When you finance a car using a secured loan from a bank or credit union, they technically own the car until the loan has been paid in full. Since the loan is “secured” based on the value of the vehicle, these types of loans can be obtained with any auto insurance, including SR-22 insurance.
• Purchase your vehicle: When you purchase a vehicle with a secure loan, the lender will be listed as first payee or lienholder on the auto insurance policy. However, neither the lender nor the actual auto seller will even know that you are using SR-22 insurance rather than more traditional auto insurance. The only thing that lenders and sellers care about is insuring their investments and making sure you have enough auto coverage in the event of an accident.

As you can see, you can easily finance a vehicle with SR-22 insurance. However, it should be noted that if you purchase a new car, it is extremely likely that your insurance costs will increase. Factor that into your monthly budget before shopping.

For more information regarding SR-22 insurance, call First Choice Insurance today at (513) 860-0666.