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In PE, what should I know about add-ons and etching for car loans?
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Car Loan Glossary • pe

In PE, what should I know about add-ons and etching for car loans?

In Prince Edward Island, as across Canada, add-ons like rustproofing, paint protection, extended warranties, and VIN etching are high-margin products often presented as mandatory but are almost always optional. These extras significantly inflate the total cost of your car loan, as you'll pay interest on their price over the entire loan term, potentially adding hundreds or even thousands of dollars to your overall expense, especially in the current 2025 market with higher interest rates. Many factory warranties already provide similar coverage, making additional protection redundant or of limited value. While consumer protection laws in PEI require disclosure, the onus is on you to scrutinize these offerings. Why this matters: accepting these can substantially increase your monthly payments and the total amount repaid, often for benefits that don't justify the cost. Always decline unless you have thoroughly researched their true value, compared them to independent alternatives, and are convinced they are genuinely necessary for your specific needs, not just a result of sales pressure.

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