I don't know what that salesman told you, but I would be weary of his claim about loaner cars.
I bought the Hyundai 10 year/100K warranty for $800.00. I thought it would be useful in the future, as I purchased an extended warranty on my Lexus and did use it to get a new transmission, and to take care of a couple of other items. It was worth it. I tend to keep my cars for a while, and the peace of mind of knowing I don't have to worry about repairs for 10 years/ 100K's is reassuring. Make sure you read the warranty before you buy. Read the fine print and make sure what is and is not included.
Good luck! Stu