Can I get gap insurance with an unsecured loan?
I was offered an unsecured loan by my lender for my new car. I'm buying a new BMW and would like to add gap insurance. Since the loan is unsecured, will it disqualify me from adding gap insurance? Should I try to get a different loan?
Apr 20, 2021
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Answered at Apr 20, 2021
“If you’re worried that you won’t qualify for gap insurance with your current carrier, you should reach out to your lender.
Unsecured loans are normally reserved for those with higher credit scores since they don’t require collateral. Your lender should be able, and willing, to provide you with another loan option that won’t hurt your chances of getting gap insurance.
If they aren’t willing to work with you, you may need to find a different lender or reach out to insurance carriers to find out if your loan will affect your ability to maintain gap insurance. “
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