The article reports on results of Cannex's study of more than 400 personal car loan products in Australia. The study showed a large gap between the cheapest products at 5.25 percent and the most expensive at 18.95 percent. It revealed that majority of consumers pay between 8 and 14 percent....
Guaranteed Asset Protection (GAP) is a great way to protect your finances if the value of your vehicle is less than the amount of your car loan. A good rule of thumb is to assume your new vehicle will depreciate more than 20% after first year you own it, half of which occurs the mi...
Gap insurance is a type of auto insurance that you can purchase to protect yourself in case you total your car and the amount of compensation you receive does not fully cover the amount you owe on your financing or lease agreement. If the balance of your car loan is greater than the vehi...
If your financed car is totaled, gap insurance can cover the remaining amount on your loan should you owe more than the car is worth. Gap insurance comes into play if your vehicle is financed and you make a total loss claim — either after your vehicle is totaled (the cost of the repai...
You may be able to skip gap insurance if you made a down payment of at least 20% on the car when you bought it, or if you’re paying off the car loan in less than five years. What Is Gap Insurance on a Car? Gap insurance is a supplemental auto policy that covers any difference...
1. Bought on finance If you’ve bought your car on finance by signing up to a personal contract purchase (PCP) scheme, using hire purchase (HP) or taking out a large personal loan, GAP insurance will cover the big shortfall you could struggle to make up if the car is declared a total...
Learn about what car Guaranteed Auto Protection Insurance (GAP) is, when it's worth it, and where to purchase it. Enjoy peace of mind with Nissan's Security+Plus Gap Protection.
Gap insurance is a type of auto insurance that covers the “gap” between the actual cash value of your vehicle and the remaining balance on your car loan or lease. This coverage is especially important for individuals who have financed their vehicles or are leasing them, as it can protect ...
However, comprehensive and collision insurance pay only what a car is worth at the time of a theft or accident. So when you owe more on your car loan or lease than that, gap insurance covers that amount. 🤓Nerdy Tip In most cases, gap insurance doesn't cover your comprehensive or coll...
This could mean you end up paying finance instalments on a car that’s not even on the road anymore. But the finance company may also insist you pay off the loan entirely. You may never need to make a claim on your insurance for a total loss, but car gap cover can give you peace ...