Prospective buyers spend plenty of time considering aspects related to the vehicle itself such as features, year, model, and kilometers as well as budgeting for the car payments.
But people tend not to think about the uncertainties – what if they were unable to work due to injury, disability, critical illness or job loss? How would they pay the loan?
The top reasons why people end up in financial difficulty are not related to money management, but actually related to unexpected events such as health issues and employment situation changes. These events could lead to bad credit, high interest loans or consumer proposal or bankruptcy.
Everyone should consider loan protection. It will provide peace of mind, knowing that if something does happen, the vehicle payment will be covered!
There are different forms of loan protection including credit life protection, sickness/injury coverage, critical illness coverage and coverage for loss of employment. For more information on loan protection, click here.