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Understanding Credit Life Insurance on a Car Loan

Finance managers have been known to present the product to problem credit buyers as “protecting an auto loan” which is actually a fairly accurate description. But the fact remains that credit-challenged borrowers, in particular, should have a basic understanding of how credit life insurance works.

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Options for Buying a Car with Bad Credit

Finance managers at car dealerships refer to it as “protecting a loan” and the fact is that even if you have poor credit it’s always a good idea to have an understanding of the basics of how credit life insurance works with auto loans.

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Should you choose Credit Life Insurance for Poor Credit Car Loans

Credit life insurance is essentially decreasing term life insurance.

Term insurance is a type of insurance that covers a fixed period and cannot be renewed. Unlike a whole life policy, it builds no cash value.

Decreasing term means that the payout amount matches whatever the loan balance is at any point during the loan. As the loan is paid off, the amount owed decreases and the amount of insurance covering the loan decreases to match the loan balance.

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Buying Life Insurance for a Bad Credit Auto Loan

But once approved, there are often other choices that have to be made, one of which is whether or not to sign up for credit life insurance.

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Car Loans and Credit Life Insurance

One thing we have learned from experience is that the key to a successful bad credit car loan means focusing on the basics. In this case, it means understanding both the pros and cons of credit life insurance.

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Bad Credit Car Loans and Your Credit Report

The type of bad credit you have is as important as your FICO score if you are applying for a subprime car loan.

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