Direct answer
Yes, it is highly recommended because your loan balance will likely exceed the car’s market value for several years due to slow principal repayment and rapid initial depreciation.
Consumer protection guidelines regarding automotive financing risks and insurance coverage. For additional information about managing automotive financing risks, see the Consumer Financial Protection Bureau‘s consumer education resources.
What this means for you
Yes, it is highly recommended because your loan balance will likely exceed the car’s market value for several years due to slow principal repayment and rapid initial depreciation.
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