Installment vs. Revolving Credit – Installment loans work like your traditional auto loan. You have a regular monthly payment at a fixed interest rate for a specified period of time. Such loans are secured with your purchased item. Revolving Credit works like a credit card. You are given a credit line, which can be accessed throughout the life of your loan, for things such as maintenance and accessory items.
GAP Insurance – Should your vehicle be stolen, totaled or otherwise be destroyed, while still securing your loan, your insurance company will pay up to the ‘blue book’ or market value of your vehicle to your loan company. That is where GAP insurance comes in. GAP is an insurance designed to pay the ‘gap’ between fair market value and the balance of your loan, preventing you from having to pay for a vehicle you no longer have.
Extended Protection Plan - These contracts extend your factory warranty, making sure your vehicle stays in top running order (with your regular maintenance of course) through out the life of your loan. Available from Honda and Polaris.