yur1279

ok, I was already apporved and everything,, now my bank is askign for a bond statement form my insurance agency with the banks name on it or soemthing. Is this a normal thing/what exactly is it? thanks

Stubbies

The only thing that the bank and the insurance company have to do with each other is that your lien holder (payee) needs to be the bank (just incase the car is totalled), and sometimes the banks stipulate maximum deductible for your insurance policy. Like $500 is fine, but no $1000 deductibles. Also, the fact that you will need full coverage, but that is a given on a financed vehicle.

yur1279

does anyone know how do this? Do i just tell my insurance company i'm gettigna loan from such and such a bank for a certain ammount?

Giddyup

Your lending institution is just requiring proof that you are going to insure this car.....and thus protecting their investment. (until you have satisfied the loan)

Giddyup

Roy, you just need an insurance binder from your insurance company to show as proof to the bank, and that the coverage will be in effect at the moment you take the car as your own......