CAR-BUYING QUESTIONS
Are extended warranties and GAP insurance required to get a car loan?
No. Extended service contracts, GAP coverage and similar protection products are generally optional and are not a legal condition of getting a car loan. Some lenders may require GAP in specific cases, so ask to see that in writing if told so. If you want these products, compare prices; GAP may be available from your auto insurer or credit union. On OffLot's Build your deal flow, protection products are shown as optional.
General information, not legal or financial advice; rules vary by state and lender.Related questions
- What insurance coverage does a lender require on a financed car?
- Can I cancel an extended warranty or GAP after buying the car?
- Do I get a refund for GAP or a service contract if I pay off my loan early or sell the car?
- Do I need insurance before I drive a new car off the lot?
- Can I add a service contract or warranty to my car loan?
- Do I need full coverage insurance on a financed car?