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Car loan accessories Are they worth it? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators that provide objective and unique content, by enabling users to conduct research and compare information at no cost - so that you can make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that appear on this website are provided by companies that pay us. This compensation could affect how and when products are featured on the site, such as, for example, the order in which they may appear in the listing categories and other categories, unless prohibited by law. Our mortgage, home equity and other home lending products. But this compensation does have no impact on the information we publish, or the reviews appear on this website. We do not cover the vast array of companies or financial offerings that could be accessible to you. SHARE Maskot/Getty Images
5 min 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 helping readers in navigating the ways and pitfalls of borrowing money to purchase an automobile. The article was edited 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 the confidence to control their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces. The Bankrate guarantee
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There are money-related questions. Bankrate can help. Our experts have helped you understand your money for more than four years. We are constantly striving to provide consumers with the expert guidance and the tools necessary to be successful throughout their financial journey. Bankrate adheres to strict standards policy, which means you can be confident that our information is trustworthy and precise. Our award-winning editors, reporters and editors create honest and accurate content to help you make the right financial choices. The content created by our editorial team is factual, objective and uninfluenced through our sponsors. We're open about the ways we're able to bring quality content, competitive rates and practical tools for you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services, or by you clicking on specific links on our site. Therefore, this compensation may impact how, where and when products are listed and categories, unless it is prohibited by law for our mortgage home equity, mortgage and other products for home loans. Other factors, like our own proprietary website rules and whether the product is available within the area you reside in or is within your own personal credit score could also affect how and where products appear on this website. While we strive to provide an array of offers, Bankrate does not include specific information on each credit or financial products or services. Dealer add-ons can be a way to convince customers to spend more than intended. And you'll pay interest on any add-ons included within your loan. Be aware that although you may be presented with various options of packages however, you may choose to reject any of them. You also these car services individually if you want only one. Then, you are able to cancel any services if you decide to not need them. 1. Gap insurance Insurance that covers what you owe and your car is worth. If your car is totaled or stolen, gap insurance can help you break even on expenses. It is a smart buy when you're -- in the event that it's not included as part of the lease contract. It could be worth the expense in the event that you're taking out an auto loan to pay more than your car's value, which is the case when the balance of your car loan is transferred to the new car payment. It is advisable to investigate the cost of gap insurance through other sources before you can determine if the dealer is offering you the best cost. Does gap insurance make sense? It is worthwhile to purchase gap insurance it if at a fast rate. Having it will protect you from being liable for the difference between your vehicle's worth and the amount you'll be liable for if the vehicle is declared as a total loss. However, you must compare gap insurance before you buy it. Banks, credit unions and third party sellers offer gap insurance. You never need to purchase gap insurance from a dealer or broker, and if you discover a better deal elsewhere, you'll have the protection without dealer markup. 2. VIN etching VIN etching is the process of engraving your vehicle's identification number onto the car's windshield and windows. It makes your vehicle easily identifiable and thus more difficult for thieves to steal, and potentially easier to recover if stolen. While they may offer discounts for drivers who have this add-on but you can do it yourself and save money. Are VIN Etching worth it? This isn't worth it. You can get this done at a detail shop later or build it yourself by using an online toolkit for less than $20. 3. Extended warranties begin to take effect after the manufacturer's warranty has expired, and typically will cover less. They tend to be more expensive than repairs that are more common particularly when they are combined with your auto loan. They are typically included in extended warranties, and involve purchasing scheduled maintenance checks. The cost of a maintenance plan is usually added to the monthly payment for your car. What are the benefits of extended warranty the cost? Extended warranties are only useful in the event that you plan to keep the car for longer than the manufacturer's warranty and even then , it's not always the best choice. Take a look at Kelley Blue Book and Edmunds for estimated repair costs and then compare them with the extended warranty offered by the retailer. If you are able to save for repairs while you own the car, the extended warranty would be an unnecessary expense. A service plan is helpful if you intend to use the service center for maintenance and are fine with maintenance potentially occurring at a lower frequency than the manufacturer recommends. If you purchase either of these options, make sure you research these from other sources. You are able to shop around to find the most affordable price, and you are never required to accept a dealer's extended warranty to buy a car. 4. Tire and wheel protection The cost of tires can be quite high. Dealers offer tire and wheel protection to pay for replacing the rims and tires if potholes, nails or curbs damage the. But most tires carry their own warranty. If there are any issues however, you'll likely be okay without tire and wheel protection. Are tire and wheel protection worth it? The cost of this extra protection is dependent on your driving style. If you live in an area that is known for its rough roads, looking into the extra protection could be beneficial. You can most likely find alternatives that are less expensive for the same amount of protection at a different location than the dealer. 5. Paint and fabric protection This add-on does exactly what it says: an extra coating that dealers can add to the exterior and interior of your vehicle to guard against damage. Certain manufacturers offer this in new car models, so check before double-dipping on this extra feature. Are paint and fabric protection worth the cost? Fabric protection and paint are not usually worthwhile additions. While keeping your car in prime condition is crucial but you can achieve the same results with visiting your nearby hardware retailer. You could save money by making this yourself. 6. Key protection Depending on the key you use and fob type, replacing one or both of them can be costly. But the additional cost of key protection provided by a particular manufacturer could be more expensive than replacing the key on your own. If you decide to purchase key protection, compare the dealer add-on to options offered by your insurance. You also can invest in technology such as Tile to help you find your key in case it is lost. Is key protection worth it? The add-on does not merit the additional cost. You can easily change your key if it gets lost. Do not be deceived by dealers who focus on the cutting-edge technology keys are now equipped with. 7. Credit insurance The option is designed to help you make payments on your auto loan in the event that you are unable to. It only activates in certain scenarios like death, disability or unemployment. In contrast to a payment for you, but solely for lender. There is no requirement to purchase credit insurance when you finance or purchase cars, so don't let salespeople pressure you to buy. Is credit insurance worth the price? Credit insurance can seem useful in an emergency, however, it could cost more than creating the rainy day fund. In addition, you may be able to find credits insurance from a third-party with a lower cost. In certain instances, the insurance you already have might be sufficient to cover your expenses with no additional cost. Be aware that no dealer will often provide add-ons in a bundle rather than stand-alone products. This method -- which is designed to increase sales of itemsis usually advertised as an "protection package." It's typically offered in levels like bronze, silver and gold. Known by the term "menu selling" this approach makes it easier for the dealership to ensure that the salesperson has all the . This strategy can make the customer feel that these services aren't available regardless of whether they are. Keep in mind that any extras you decide to add to your loan will cost interest. Keeping the added cost in mind can help you remain in the right direction in the event of a dispute . How to cancel dealer add-ons Since each add-on service listed above is optional, you should be capable of cancelling them in all situations. Examine the contract you signed. Examine the time limit as well as cancellation policies. It is possible to mail or fax the documentation in order to receive a refund or rebate. Skip the dealership if you are able to. Instead, visit the service provider and make a cancellation directly with them. This is the best route for if it's more than a few days since purchasing the car. Keep notes and documents on the process. Canceling add-ons can be complicated and annoying So, make sure to record everything after you have completed each step. Keep track of your cash. It may take some time for your refund or rebate check to be received. If not then, contact the company and inquire when you can expect the contract to be cancelled and then refunded. If you have financed any add-ons through your loan, you might not be able to receive a refund on the interest that you've already paid. However, you may be able to request that the add-on taken off your loan and get a rebate on the amount you aren't paid yet. The bottom line Vehicle purchases come with a adding up to more than what's advertised on the car's window. However, a smart buyer can save money by refusing pricey, optional add-ons. Only buy add-ons that you believe are truly worth your while and do not spend more than you plan to. Related Articles
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This article is written by Auto Loans Reporter Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of borrowing money to buy a car. Written 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 the confidence to manage their finances through providing clear, well-researched information that break down complex topics into manageable bites.
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