Auto repairs can be expensive depending on the extent of the damage. Some customers can’t even afford simple repairs because their budgets are stretched too thin. Thankfully, there are options for drivers who need to finance their auto repair bill and get their vehicles back on the road. Some options are good; others not so much. Auto Solutions works tirelessly to keep auto repair bills as affordable as possible. We get it. Not everyone can afford to drop hundreds of dollars on a dime. Here are some financing options that might help pay for your auto repairs according to Credit Karma.
Personal Bank Loan
Banks lend customers money under an umbrella called a personal loan. This money can be used for things such as automobile repairs, medical bills, or other personal financial needs. This is the best funding option aside from Snap Finance, which is offered at many auto repair shops and specializes in auto repair financing. Getting back to the personal loan, however, one reason why it’s the best option is that interest rates are lower than any other financing option and payments can be stretched out for an extended period to reduce your monthly obligation if there isn’t much wiggle room in your budget.
You must have good credit to apply for a personal loan and, depending on how much you need to borrow, you may also be required to back the loan with collateral. This could be anything of value that you own, such as your vehicle, home, or other possessions. If you have an established relationship with your bank, it might be willing to work with you even if your credit isn’t stellar. All you can do is go into your branch and ask. If you are approved for a personal loan, the bank will issue you money or a credit line that you can use to pay for your automobile repair bill. You’ll pay the loan back plus interest.
Cash Advances
Credit Karma advises there are two types of cash advances you could use that would help pay for your automotive repair bill. They are payday loans and title loans. Bear in mind from the start that neither of these options is ideal. They are expensive, sometimes holding interest rates three times what you borrowed, and you have to pay them back quickly – oftentimes, within two weeks. If you extend the loan out, the balance can quickly become unbearable due to the 200-to-300-percent interest. Although you can get these advances with poor credit, you should only do so if you don’t have any other option.
Auto Solutions in Orlando, FL, partners with Snap Finance for our customers who cannot afford their auto repairs. Call us today for more information.