GAP insurance to secure loan?

[Sapress]

I was told that I must have gap insurance to receive my loan. Does that make sense?

Also, can anyone calculate how much a finance charge would be for a 25,143.05 loan with a 14.04% apr

 

[mightymoose]

14% is high. You should consider a used car at a lower cost and a lower rate until you have better credit to finance a new car.
I've never had higher than 3% for a car loan.
You are going to pay too much.

 

[Betty3]

They (loan co. or whoever you are getting loan from) probably wants GAP ins. because if you would total your car for example, the ins. co. would only pay the actual cash value which may be less than you owe on the car. GAP ins. would pay off the balance owed.

14% is high.