Car Loan Tip No. 63 Do You Need Credit Insurance for an Auto Loan?A credit insurance is not required by federal law so check your state's requirements if your lender is offering it (or even mentioning that you NEED one before you get a loan). This can be done through the office of your attorney general or insurance commissioner. Make sure to make a comparison and find out exactly what credit insurance will cost if you already have an insurance policy that covers the same thing. Also make sure it's included in the cost of your credit and see where it is reflected in the APR you're paying if you really need to get credit insurance.Written by: Anthony Recto Next Car Loan Tip
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