While buying a car can be an exciting experience, there is a lot to consider before you make the purchase. One thing you should consider when purchasing a car is whether you should get an extended auto warranty.
What is an extended auto warranty?
An extended auto warranty covers expensive, unanticipated repairs for a period, as outlined in the warranty agreement. Typically, a new vehicle will come with a manufacturer warranty that can last anywhere from 3 years or 36,000 miles to 10 years or 100,000 miles. Manufacturer warranties cover defective auto parts due to factory errors, but the specifics of this type of warranty vary as different manufacturers cover different things. So, to know what is covered, you must speak with your car dealer. Once a manufacturer warranty has not expired, it is usually transferable from one owner to another if the car is sold.
If you’re purchasing a used vehicle and the manufacturer warranty has expired or is close to expiring, you may want to consider getting an extended auto warranty. Extended auto warranties like manufacturer warranties vary in terms of what they cover, so you may also consider an extended warranty to cover expenses that are not included in your vehicle’s factory warranty.
An extended auto warranty may cover things such as the primary vehicle systems, electrical parts, air conditioning and heating systems as well as safety features. An extended warranty does not, however, cover regular vehicle maintenance, dings and scratches, damage from accidents or damage due to vehicle neglect.
Do you need an extended auto warranty?
An extended auto warranty offers peace of mind, so you do not need to worry about how you will cover unforeseeable expenses. You should note, however, that that the cost of purchasing an extended warranty sometimes outweighs the benefits. Also, you will likely be charged a deductible every time you use the coverage.
The choice of whether to purchase an extended auto warranty is a matter of personal preference. If you have a good track record of vehicle ownership, some may suggest it is better to put aside the money you would use to purchase an extended warranty for possible expenses. But if you think an extended warranty is a better option, you should do your research and only consider warranties from reputable companies. Before you buy an extended auto warranty, be sure to read the agreement and ensure you are clear about what will be covered and what your deductibles will be.
Can you add an extended auto warranty to car financing?
An extended auto warranty can cost thousands of dollars. If you do not have the money to purchase an extended auto warranty upfront, you can add it to your car financing agreement.
If you need car financing to include an extended auto warranty, contact us at Instant Auto Loans. At Instant Auto Loans, we offer short-term auto loans that are easy to qualify for and straight-forward to repay.
Call us today or apply online and get approved for your instant auto loan in as little as 15 minutes.