One way you can save money on auto insurance when financing with a high risk loan, is by choosing a compact or midsize car. These vehicles are usually the most affordable to insure and can even save you on interest costs.
Here are some additional money-saving tips for car insurance:
- Comparison discounts
There are three basic types of car insurers.
Your best bet is to get quotes from at least one insurer in each category. You can also go online and receive quotes directly from insurers or go to one of the many web sites that will comparison shop for you.
- Companies that use direct writers such as Geico and Progressive have employees who will sell directly to you.
- Other companies, such as Allstate and State Farm, work through exclusive agents who sell only their policies.
- Independent agents are able to sell policies from any of the companies they represent.
- Multi-policy discounts
In many cases, buying homeowners insurance and auto insurance from the same insurer will qualify you for an additional discount.
- Better credit discounts
Many auto insurance companies also look at your credit scores. So by raising their credit scores before car shopping, buyers can pay less for their car insurance.
- Student discounts
A number of insurers also offer discounts if your teenage driver is a good student or has taken a defensive driving course. Also if your children are away at college there is usually a discount for that.
By picking an affordable car and taking advantage of auto insurance discounts, you'll give yourself a better chance of coming through the auto credit repair process successfully.
At Auto Credit Express, we specialize in helping people with bad credit find a dealer that can give them their best chance at an approval for a new or used car loan.