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- Your Bronco Model
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I searched for a good thread on GAP insurance and could not find one. So for those who have no clue here is some advice from a Ford finance director......
If you're financing your new Bronco the 1st step is to call your insurance company and ask them if they offer it and what does it cover and how much is it. If you are using your own credit union or local bank ask them the same questions. As with most things you want to compare this. A pro to going with your insurance company instead of putting it into a loan is that if you get ahead you can cancel it with a phone call. When placing it into your loan you cannot just cancel it and you'll be paying interest on it. A pro on financing it into your loan is if something does happen to the vehicle and you need to replace that vehicle you will be able to easily prove to a new lender that the vehicle will be paid off since it us in your contract. Price is another factor too. A dealership has their own cost and of course they add a mark up. Cost can also vary with your term. A 48 month loan should cost less than an 84 month loan. Also remember to factor in your loan to value on the vehicle, along with how you'll use your vehicle. Get the facts 1st. Do not allow other people's opinions to influence what you do. They are not paying your loan for you. Every situation is unique. If you have questions regardless of where you're buying from let me know.
If you're financing your new Bronco the 1st step is to call your insurance company and ask them if they offer it and what does it cover and how much is it. If you are using your own credit union or local bank ask them the same questions. As with most things you want to compare this. A pro to going with your insurance company instead of putting it into a loan is that if you get ahead you can cancel it with a phone call. When placing it into your loan you cannot just cancel it and you'll be paying interest on it. A pro on financing it into your loan is if something does happen to the vehicle and you need to replace that vehicle you will be able to easily prove to a new lender that the vehicle will be paid off since it us in your contract. Price is another factor too. A dealership has their own cost and of course they add a mark up. Cost can also vary with your term. A 48 month loan should cost less than an 84 month loan. Also remember to factor in your loan to value on the vehicle, along with how you'll use your vehicle. Get the facts 1st. Do not allow other people's opinions to influence what you do. They are not paying your loan for you. Every situation is unique. If you have questions regardless of where you're buying from let me know.
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