When financing a vehicle have you been offered different services that can be added on top of the price of your vehicle? Several of these items are common such as gap insurance and extended warranties on your vehicle purchase. Other option you may not know is available for you. Of course, it is important to take a look at what the total cost of these purchases would be before signing on the line.
Gap insurance is one add-on that I have always purchased with every vehicle. This is basically an extension of your standard auto insurance that covers the difference between what your insurance is willing to pay and the outstanding balance of your loan if the vehicle is totaled. Without this insurance you could be forced into continuing to pay for a vehicle several years after it being totaled.
While everyone knows that extended warranties are offered, not everyone knows about service packages. This is where it is important to know the total price of this package before adding it on. Each dealership has their own package length, but it provides pre-paid maintenance such as oil changes, tire rotations, etc. at the dealership.
Other options need to be decided if you can find a better price elsewhere or if it is even worth it to you. Things such as VIN etchings that place extremely small etches of the vin number in various areas of the vehicle in the event a vehicle is stolen and it’s parts striped. Also, paint and interior fabric protections packages are available.
When adding on these purchases it is important to realize that you will be paying interest on these packages with your loan. For more information on auto loans and how add-ons affect your loan, contact loan professionals such as those at the Reedman Toll Auto Group.