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Paying for Your Car Warranty

Paying for Your Car Warranty Image

When using dealer financing to buy a new car, the issue of how to pay for the Car Warranty may or may not arise.  This is because some dealers simply bundle the cost of the warranty plan into the monthly instalments for the car loan.  If you are buying a car and paying cash, then how to go about paying for your warranty will require a different approach.

One method of paying for your car warranty is to simply tender a single lump-sum payment.  This will allow you to have full access to the warranty benefits for the duration of the plan, without any additional costs in terms of payments from time to time.  While this approach does mean paying a larger amount up front, it also means that you avoid any interest charges that would otherwise apply.  As a result, you can divert that money saved into other areas, such as helping with any out-of-pocket expenses associated with the regular maintenance of your car.

A second strategy is to ask the dealer about instalment payments on the car warranty itself.  Many dealers can and do provide this service.  In some cases, the instalments can be broken down into monthly, semi-annual or annual payments, depending on what will work best in your situation.  Before assuming you cannot afford the warranty cover desired, talk with the dealer, or even an independent warranty provider.  You may find both the cost and the terms of payment are well within reach after all.        

published: 12/09/2011 11:00:02

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