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Have you ever considered getting GAP insurance from a used car dealership or a loan from a supermarket? Then you’re gonna wanna read this post about where NOT to get your financial products. Thanks to S&S reader, Peter, for contributing this post!

Where NOT to Get Your Financial Products From

Financial products are an important part of life for many people. This includes mortgages, loans, insurance, credit cards and various other types of financial products that can help with various parts of modern life. Seeing as these purchases are so important and can have such a big impact on many areas of your life, it is crucial that you take the time to find the best products and deals from reliable sources.

Financial Products from Surprising Places

Unfortunately, many large institutions have realized the importance of these financial products and they are now available from many different places. While it is beneficial to have a choice because it allows you to shop around and compare prices, this can also be dangerous if you are not careful.

When you purchase a financial product from a large organization that does not specialize in the financial product that you are purchasing then you run the risk of getting a poor quality product and low-quality customer service. This is particularly important when it comes to financial products because they can have a huge impact on your life and you could even land yourself in a difficult situation, such as a lower credit rating.

GAP Insurance

One perfect example is GAP insurance. This is an optional type of car insurance that will cover the shortfall between a payout from your insurer if the vehicle were to be written off and the amount that you originally paid (a comprehensive insurance payout will only pay the current market value). This type of insurance is available to purchase from a used car dealership, but if you were to look into the policy you are likely to find a number of exclusions and you may not receive the full amount that you are entitled to. Instead, if you were to obtain a GAP insurance policy from a specialist there will be fewer exclusions and they will work in partnership with insurance companies to work out insurance estimates.

Supermarket Financial Products

Another example is the financial products that you can purchase from supermarkets, including loans and insurance. While there may be products that are suitable, this is a business that is primarily concerned with selling produce so you are much likely to get better cover and customer service from a company that specializes in the financial product that you wish to buy.

The key when purchasing any kind of financial product is to do your research, read the small print and to shop around.