Let's face it: buying a car is a marathon, not a sprint.

By the time you've finished your online research, arrived in a showroom, and taken your test drive, you're ready to be done with the process and cross the finish line. Then you get to the finance office to sign the paperwork and you realize there are still a lot more decisions to make about your purchase, and those decisions have to be made before you can sign your papers and get the keys. And they're kind of important questions.

If you're confused, you are not alone. A recent Autotrader study showed that nearly 1 in 4 buyers are not aware of financing product options prior to purchasing their new car.

The good news is, a little bit of prep work can make you feel more confident in your answers and make the process a lot easier.

Our goal is to make sure you've heard about these products so you can make an informed decision when the time comes.

First things first: what is the finance office, anyway? If you've never bought a car before, you might envision the process as dealing with one sales person, who shows you the car, goes over the price, and signs the paperwork. The reality is, there are many people who work on each deal signed at a dealership.

Your sales consultant is usually the one to help you learn about the features of the car and accompanies you on your test drive. They're often your first point of contact at the dealership, if you've walked in without calling first. They'll be supported by a sales manager, who will help negotiate the price with you and help you figure out what your monthly payment will be. However, that negotiated price will only cover the base price of the car. From there, you'll go to the finance office, where you'll work out more details of your loan and discuss other finance products.

What's a finance product? Think of it as an add-on or an upgrade on your loan. These products are all optional and won't affect whether or not you can purchase the car.

We're going to go over four major finance products that you'll hear about during your purchase:

• Extended warranty
• Maintenance plan
• Gap insurance

Tire and wheel protection, lost key, dent repair (these are sold together as a bundle at Academy Ford)

An Extended Warranty Gives Peace of Mind

When you buy a brand new car, truck, or SUV, it comes with a manufacturer's warranty. The specifics on what it covers and for how long vary depending on the manufacturer. For a new Ford, you get a “bumper to bumper” warranty for three years or 36,000 miles. This covers basically anything that can go wrong with your car during that period.

Fords also come with a five year or 60,000 mile powertrain warranty. This covers the main parts of the vehicle needed to drive: engine, transmission, drive shafts, axles, and the front, rear, or all-wheel-drive system.

An extended warranty does just what it says: it extends the warranty on your new vehicle.

You might think that the warranties already listed are pretty comprehensive. And many people choose to stick with just the standard warranty. But an extended warranty can provide peace of mind to you as the buyer.

Most people take out loans to pay for their new cars, often for five years or more. If you stick with the standard warranty, that means your bumper to bumper coverage runs out when you still have a few years left on the loan. That means in a given month, you could have to make a loan payment plus pay for a costly repair if you don't have an extended warranty.

Cars these days are basically “a moving computer on wheels,” Cleveland explains, and there are a lot of things that can and do go wrong.

“Every car breaks. You don't know when it's going to happen, or how much it'll cost,”

Mr. Scott explains.

Customers who choose an extended warranty only face a $100 deductible, plus they get a rental while their car is repaired. It'll be worked on by Ford certified technicians, and they'll use manufacturer-approved parts.

An extended warranty could add value to your car when it comes time to trade it in. The dealer you're trading it in to will know that there is nothing malfunctioning on your car (because it would have been covered by the warranty and fixed already). The cost depends on the model you buy and the length of loan you choose, including the number of miles it will cover. Ford offers extended warranties that cover up to 8 years or 150,000 miles. It usually adds up to $20 to $50 a month on your car payment. And a Ford extended warranty will be covered at any Ford dealer you across the country – not just the one you purchased the car from.

A Maintenance Plan can help you save money in the long-term

A Ford maintenance plan is similar to an extended warranty, in that you are essentially pre-paying for services you'll use later. However, unlike the warranty, these are services that you will definitely need - oil changes, tire rotations, brake pads, shocks and struts, and even spark plugs.

As Mr. Scott put it: “this is not insurance. You are definitely going to use it.”

When you buy a Ford maintenance plan, you lock in current prices for services. Even if the price of an oil change goes up in two years, you won't pay the difference. You'll just hand us the keys and we'll change the oil (and complete other routine maintenance as needed).

The Ford maintenance plan, like the extended warranty, can be purchased for up to 8 years or 150,000 miles. And, also like the extended warranty, the maintenance plan can be used at dealerships nationwide.

Gap Insurance can save you from an early accident

Gap insurance, as its name implies, intends to cover a gap in insurance coverage. When you buy a brand new car, it depreciates from the moment you leave the new car showroom. CARFAX estimates that a car's value drops by more than 20% after the first 12 months you own it. So, for a while, the car you're driving is worth less than what you owe the bank for it.

Gap insurance helps you to bridge that gap in the event of an accident.

Say you buy your dream car: a brand-new Mustang in Race Red, and it costs $35,000. It loses 10-20% the moment you drive off the lot in depreciation, so when it's totaled, the insurance company will pay about $31,000 to your lender. If you have gap insurance, that will cover the remaining $4,000 and get you off the hook for that deficit.

If not, you still owe $4,000 on your original loan &dahs; and you don't have the car to show for it.

Dealerships are required to offer gap insurance, so if you've ever bought a car before, you've heard about it. But still, many customers don't know the details when they sit down to make their decision in the finance office. If you decide to get gap insurance, the finance team will add the cost of the insurance to your loan, and it typically adds $10-$15 to your monthly payment. Before you decide, check with your own insurance company on their policies. Some car insurance providers provide policies that cover the full cost of the new car (and don't factor in depreciation). Know what you have; it'll help you make an informed decision about gap insurance.

We can't tell you if gap insurance is the right choice for you. What we can say for sure is, it is worth considering carefully, since you only get one chance to make the decision. Ultimately, it depends on your aversion to risk. Are the chances your car is totaled within the first year of driving it good? Probably not. Are you willing to risk it? That's up to you. For many people, the extra monthly cost is worth the peace of mind. It's like any other kind of insurance: you pay for it and hope to never need to use it.

Tire and Wheel Protection, Lost Key Replacement, and Paintless Dent Repair keep your car in great shape

At Academy Ford, we bundle together three popular services: Tire and Wheel Protection, Lost Key Replacement, and Paintless Dent Repair. We package them because many customers choose to get all three to help them keep their vehicle looking good as new.

Tire and Wheel Protection covers any kind of unexpected road hazards that damage your wheels or tires. Hit a bad pothole that pops your tire? Your replacement is covered.

You might say that you don't need this, because your insurance will cover it. But your insurance will help you with a tow or a fix and likely will not pay to replace your tire.

This is more important for some drivers than others. If you drive on a lot of rough roads, or do a lot of city driving, this might be worth your investment. It also depends on what model you're driving, as some vehicles require specialized tires that are more expensive. Using this protection just one or two times might justify the additional cost.

Generally speaking, cars that are lower to the ground are more susceptible to this kind of damage.

The Tire and Wheel Protection covers you for 5 years with unlimited miles. Like the other kinds of protection we offer, this coverage allows you to pay a little extra each month to save a larger, one-time expense.

If you've ever lost a car key, you know what we're about to say: replacing car keys is very expensive. It costs $300 to replace just one key! The Lost Key Protection saves you from that bill in the event you ever lose your keys. It also covers the replacement of the other keys on your keyring. If you lose your house keys, this protection will allow you to be reimbursed for replacing the key, or even having a locksmith come to your home. If you've lost both your car keys and need your car towed, you'll also be reimbursed for a tow with this protection.

Using this protection just once will likely be worth it in the long run.

Lastly, the bundle includes Paintless Dent Repair. If you've ever parked in a crowded parking lot, you've probably got small dents on your doors. This protection will get you free fixes on dents four inches or smaller, commonly caused by other car doors, shopping carts, or footballs.

When you get a dent, you file a claim and then either bring your car into the dealership, or have a repair company come to you to make the repairs. There's no deductible and no limit to how many times you use the service. The dent repair can keep your car looking great! When it comes time to trade in or sell your car, your car will look in top shape, which can help you get a good return on your investment.

We're here if you have questions

These four topics we've covered are the main types of finance products that you'll be offered if you come to make a purchase at our dealership. Other dealerships may offer slightly different options, but most will include some variation on the Ford extended warranty, the Ford maintenance plan, gap insurance, and other bundles of products.

The choices you'll make are personal to you, and they are all about your risk aversion and your preferences. You do not have to take any of these options, but it's important to understand them so you can make an informed decision.