You've got a great car and are making the payments; what is there to worry about?
Well, everything may be going smoothly, but the rug could be pulled out from under you in an instant. That's where loan insurance can help.
Loan insurance, sometimes known as credit insurance, provides coverage to help you make your car loan payments or perhaps pay off your loan in the event of critical illness, accident, death or job loss. Other names for loan insurance are creditor insurance, balance protection insurance, balance insurance or debt insurance.
A separate product from your auto financing, loan insurance is optional. It is usually offered at the time your car loan is approved. Should you decline and reconsider, you can return to the dealership and sign up for it later.
There are a variety of loan insurance options available. Our experienced credit advisors here at Shop 4 Cars in Brantford and Owen Sound can help you to choose the right product for your needs. Perhaps you only wish to be covered in the event of job loss or critical illness, but not in case of death. Loan insurance can be cancelled at any time, meaning you are not locked into contracts. Just know that the protection ends if you do cancel.
There are a variety of reasons why you might want loan insurance:
If you lose your job, loan insurance will make the payments for you. This will give you a little more breathing room while times are tough until you get back on your feet.
Should you become injured, you have enough to worry about; your car loan should not be one more thing to deal with. Loan insurance will cover your payments and, in some cases, pay off the remaining balance.
If the worst happens and you pass away, your vehicle may be returned to the dealership, depending on the terms of your loan agreement. With loan insurance, your estate will retain control of the vehicle, something your family will probably appreciate.
Here at Shop 4 Cars, we are happy to offer you the peace of mind you'll receive from having loan insurance on your vehicle financing. Loan insurance can be cancelled at any time, meaning you are not locked into contracts. Just know that the protection ends if you do cancel. Visit Shop 4 Cars to purchase a high-quality used vehicle in Brantford or Owen Sound and feel safe knowing that loan insurance is available to protect your credit and your investment.
