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In NL, what should I know about rust-proofing for car loans?
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Car Loan Glossary • nl

In NL, what should I know about rust-proofing for car loans?

In Newfoundland and Labrador, the severe coastal climate and heavy use of road salt create an exceptionally corrosive environment for vehicles. While modern cars boast improved factory corrosion protection and often come with multi-year perforation warranties, these typically cover rust that eats *through* the metal, not surface rust or rust initiated by stone chips and environmental exposure. For car loans, investing in additional rust-proofing can be a strategic decision. Lenders evaluate the vehicle's long-term value as collateral, and significant rust can rapidly depreciate that asset, potentially leading to negative equity for the borrower. By applying professional oil-based or wax-based rustproofing, you create a sacrificial barrier that protects your investment, maintains higher resale value, and extends the vehicle's reliable lifespan - a critical factor given the increasing cost of vehicles in the Canadian market towards 2025. This proactive measure helps mitigate future repair costs, ensures your vehicle remains in good condition throughout your loan term, and safeguards your financial commitment.

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