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Car loan additions Are they worth the cost? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools, publishing original and objective content. This allows users to conduct research and compare information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site come from companies that compensate us. This compensation could affect how and where products are displayed on this website, for example, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home lending products. This compensation, however, does affect the content we publish or the reviews that you see on this site. We do not cover the entire universe of businesses or financial deals that might be available to you. SHARE Maskot/Getty Images

5 minutes read. Published 27th September 2022

Writer: Rebecca Betterton Written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ways and pitfalls of borrowing money to buy cars. The article was edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are passionate about helping readers gain confidence to manage their finances with concise, well-researched and precise information that breaks down complicated topics into bite-sized pieces. The Bankrate promise

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We are compensated in exchange for the placement of sponsored products and services, or through you clicking certain links posted on our website. Therefore, this compensation may affect the way, location and in what order items appear within listing categories in the event that they are not permitted by law. This is the case for our mortgage, home equity and other home lending products. Other factors, such as our own website rules and whether the product is available within your area or at your personal credit score could also affect how and when products are featured on this website. While we strive to provide the most diverse selection of products, Bankrate does not include information about every credit or financial item or product. Dealer add-ons are often used to convince buyers to spend more than intended. And you’ll pay interest on any add-ons that are included with your loan. Remember that even though you’ll be presented with various options of packages, you can decline them all. Also, you can choose to use these car services individually if you want only one. Later, you may cancel any services if you decide you don’t want them. 1. Gap insurance Gap insurance is a way to cover the amount you owe and the value of your car is. If your car is totaled or stolen, gap insurance will assist you in reducing the cost. It’s a good investment if you are — in the event that it’s not included within the leasing agreement. It could be worth the expense when you’re getting a car loan for more than the vehicle is worth. This can happen when the remainder of your old car loan is added to the payment for your new car. However, it is recommended to investigate the cost of gap insurance using other sources before you can determine if the dealer offers the most competitive cost. Do you think it’s worth the cost of gap insurance? Purchasing gap insurance is worth the cost if it is done at a rapid rate. It will shield you from having to pay the amount that is the difference between the value of your vehicle and the amount you’ll be liable for if your vehicle is declared as a total loss. It is important to examine gap insurance prior to making a decision to buy it. Banks, credit unions and third-party sellers all provide gap insurance. There is no need to buy gap insurance through a dealer If you can find an alternative that is cheaper you’ll get the coverage without the dealer markup. 2. VIN engraving VIN etching is the process of engraving your vehicle’s identification number onto the windshield and windows of your vehicle. This makes your vehicle identifiable and thus less valuable to thieves and could be easier to retrieve in the event of theft. Although will sometimes provide discounts for those who have this add-on but you can make it yourself and save a few dollars. Are VIN engraving worth it? This isn’t worth it. It can be done in the detail shop in the future or make it yourself by using an online toolkit for as cheaply as $20. 3. Extended warranties kick in after the manufacturer’s warranty has expired, but generally provide less coverage. They tend to be more expensive than most repairs particularly when they are combined with your auto loan. These are typically bundled with extended warranties, and involve the purchase of scheduled maintenance checks. The cost of a service plan is generally added to your monthly car payment. Do extended warranties really worth it? Extended warranties are only beneficial if you expect to own the car for longer than the manufacturer’s warranty — but even then it’s not always the best choice. Take a look at Kelley Blue Book and Edmunds for the expected repair cost and compare them to the extended warranty offered by the dealer. If you can save money for repairs while you own the vehicle an extended warranty will just be a waste of money. A service plan is only useful if you plan to utilize the dealer for maintenance and are okay with maintenance being done on a less frequent basis than what the manufacturer suggests. If you decide to purchase one of these plans, make sure you take the time to research them from different sources. You are able to search around to find the most affordable price, and you don’t have to agree to a dealer’s warranty when purchasing a vehicle. 4. Protection for wheel and tire Tires can be very expensive. Dealers provide tire and wheel protection to cover the cost of replacing the rims and tires if potholes, nails or curbs damage them. However, most tires come with their own warranty. If there are any issues, you will likely still be able to get by without tire and wheel protection. Are tire and wheel protection worth the expense? The cost of this extra protection is dependent on the driving conditions you have experienced. If you live in a region that has notoriously rough roads, then the additional protection might be beneficial. There are likely to be cheaper options for similar protection outside the dealership. 5. Fabric and paint protection This is exactly what it says A coating added by dealers can put on the exterior and interior of your vehicle to shield it from harm. Some manufacturers incorporate this feature in new car models Make sure to double-dip on this option. Are paint and fabric protection worth the expense? Fabric protection and paint are not usually worthwhile additions. While keeping your brand new car in prime condition is important but you can achieve the same results from the nearby hardware retailer. You could save money by doing it yourself. 6. Key protection depends on the car’s key and fob types, replacing one or both of them can be pricey. However, the cost of key protection provided by a particular manufacturer could be higher than replacing the key on your own. If you opt for key protection, look at the dealer’s add-on the options provided from your insurance. Also, you can consider investing in technology like Tile to help you find your keys if they are lost. Is key protection worth it? This add-on is not worth the extra money. You can easily replace your key in the event that it is lost. Do not be swayed by dealers who are focused on the advanced technology that keys now have to offer. 7. Credit insurance This option is designed to help you pay off your auto loan even if you’re unable to. It only works when certain circumstances occur like unemployment, disability, or death. In contrast to a compensation for you, it’s solely for lender. It is not required to purchase credit insurance to finance or purchase cars Don’t let salespersons pressure you. Is credit insurance worth the cost? Credit insurance is a good option in times of need, but it may cost more than creating a rainy day fund. Additionally, you might be able find credits insurance from a third party at a cheaper rate. In certain instances your insurance coverage you have may be enough to cover your expenses with no any additional expense. Keep in mind that you can say no Dealers often offer add-ons as part of a package, instead of stand-alone products. This strategy — designed to sell more items -is usually described as an “protection package.” It’s typically offered in levels like gold, silver, or bronze. It’s also known by the term “menu selling,” this approach makes it easier for the dealer to ensure the salesperson presents all of the . This strategy can make the customer feel as if these packages are not optional regardless of whether they are. Be aware that any additional feature you decide to add to your loan will result in interest. Be aware of the additional cost in your mind may help you stay firm in the event of a dispute . How to cancel dealer add-ons since each added-on service mentioned above is optional, you will be able to cancel them under most situations. Check the contracts you signed. Check the time limitations and cancellation procedures. You might have to send or fax documentation to receive an amount of money back or rebate. Avoid the dealership if you are able to. Instead, go directly to the service company and cancel by contacting them directly. This is the best option for if it’s more than a few days since you purchased the car. Documents and notes should be kept on the process. Cancelling add-ons can be a bit complex and stressful, so write everything down when you finish each step. Stay on top of the money. It could take a few weeks for your refund rebate check to be received. If not, follow up and ask when you can expect the contract to be canceled and refunded. If you have financed any add-ons with your loan and you didn’t pay for them, you may not receive an interest refund for the amount that you’ve already paid. However, you will be able to request that the added-on removed from your loan and receive a reimbursement on the amount you aren’t paid yet. The bottom line: Vehicle purchases can add up to a higher number than that stated on the vehicle window. A smart buyer will cut out a lot of extra costs by not purchasing expensive, unnecessary add-ons. Only purchase add-ons that are actually worth the cost and make sure you don’t pay more than you intend. Related Articles


The article was written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the ways and pitfalls of borrowing money to buy a car. Written by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.

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