If you're required to carry SR22 insurance, you might worry that this restriction will make it difficult to get financing if you decide to buy a new car. Since the rules governing auto financing and auto insurance are complicated, the experts at 1st Choice Insurance, an independent agency based in Fairfield, OH, are here to explain why getting an auto loan shouldn't be a problem, even if your license has been previously suspended.

When you finance a car, the institution issuing the loan is the legal owner of the vehicle until you pay it off. This means that the bank holds the title to your car while you make the payments. Of course, they'll want to make sure their property is protected while you're driving it, which is why you have to carry insurance. In almost all cases, they'll probably require you to keep full-coverage insurance on the vehicle, which includes the typical liability insurance along with collision coverage and protection against theft and threats.

The lending institution, whether it's a credit union or specialty loan provider, only cares about ensuring that their investment is protected, so they don't care whether you have SR22 insurance, as long as it includes full coverage for the entire value of the car. While your insurance and license status probably won't impact your interest rate, you may pay more for insurance if you're driving a more expensive car.

1st Choice Insurance specializes in providing high-risk insurance to drivers throughout the region. Whether you're looking for an SR22 auto insurance quote or have little or no driving history, they can help you find the best insurance for your situation at some of the best rates in the industry. Visit their website to learn more, or just call (513) 860-0666 to make an appointment today.