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In SK, what should I know about extended warranty for car loans?
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Car Loan Glossary • province

In SK, what should I know about extended warranty for car loans?

In Saskatchewan, an extended warranty for your car loan is entirely optional and cannot be made a mandatory condition for loan approval, aligning with Canadian consumer protection principles. Financing this warranty adds its full cost to your principal loan amount, meaning you will pay interest on it over the entire loan term, significantly increasing your total cost, especially given current higher interest rates anticipated for 2025. It is paramount to meticulously review the warranty contract for specific coverage details, including what components are covered versus excluded, any mileage or time limits, and the deductible per claim. Understand whether the warranty is backed by the vehicle manufacturer, which often offers better integration and claim processing, or a third-party provider, whose reputation and financial stability should be thoroughly vetted. Always inquire about the cancellation policy, transferability if you sell the car, and any additional benefits like roadside assistance or rental car coverage. Before committing, compare the warranty's cost and benefits against potential repair expenses, considering that building an emergency fund might be a more flexible alternative for some consumers in SK.

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