Guaranteed Finance Protection
Cover the shortfall between your insurance and outstanding loan balance
What is Guaranteed Finance Protection?
Many of us take out a loan to pay for our vehicle, and it’s prudent to have at least Third Party Insurance to cover other vehicles or property in the even of an accident.
But what happens if your vehicle is damaged beyond repair or written off by your insurance company? You could be left without a car, and you’d still have the balance of your loan to pay. Guaranteed Finance Protection (GFP) could save you from a hefty financial burden by covering the outstanding balance of your car loan.
The benefits of Autolife GFP
We cover the shortfall
With our Guaranteed Finance Protection (GFP), you won't be left facing a financial gap if your vehicle is declared a total loss. We step in to cover the outstanding balance of your car loan, ensuring you're not burdened with unexpected expenses.
Your credit rating is protected
Worried about the impact of a totaled vehicle on your credit score? Our Guaranteed Finance Protection safeguards your credit rating by settling the remaining loan balance. You can maintain your financial stability even in challenging circumstances.
You can get back on the road quicker
Getting back on track after an accident is essential. With Guaranteed Finance Protection (GFP), you can expedite the process. We handle the outstanding loan, allowing you to focus on finding a replacement vehicle and resuming your daily routine without unnecessary delays.
Why would I need GFP?
Consider this scenario…
Your car has been written off, either by theft or being damaged beyond repair. Your insurer agrees to pay market value for your vehicle, which is $9,000 at the time, but you still owe $12,500 on your loan. That leaves you liable for the $3,500 balance on your car loan.
With Autolife GFP, this amount would be covered under the policy, and you would no longer owe the finance company any money!