Yes, there is financing for auto repairs. We are going to list financing options discussed by the financial website Credit Karma below. In addition, LP & Sons Auto Care works with Snap! Finance to help our customers secure the funds they need to get their vehicles repaired.
Bank Loan
According to Credit Karma, the best option for financing your automobile repairs is to secure a personal loan from your bank or credit union. Generally, these loans have the lowest interest rates on the market. They also offer borrowers plenty of time to pay back the funds. In order to secure a personal loan, you must have excellent credit. It’s also important that you have collateral to back the financing. Depending on your bank, it may take about 30 days for loan approval.
Credit Card
Credit Karma also advises that using a credit card is an option for financing your auto repairs. The caviar with a credit card, however, is that they can have unusually high interest rates depending on your credit score. For example, you may have a credit card that charges up to 20 percent interest on purchases. Consequently, this makes paying off the auto repairs extremely difficult. If you have excellent credit, you can apply for a low-interest credit card or line of credit.
Payday Loan
Not everyone has credit. Some people also have poor credit scores. Payday loans are an option for those who cannot secure traditional financing. The problem with payday loans, according to Credit Karma, is that the interest rates are extremely high and the payback duration is quite short. In most cases, you will be expected to pay back the loan and interest out of your next paycheck. If things are already tight, this can make paying back the loan impossible.
Title Loan
One final option is to secure a title loan if you own your automobile. You use the vehicle’s title as collateral to secure the money you need to get your car, truck, or utility vehicle fixed. As with payday loans, this loan type has a very high interest rate and requires payback relatively quickly. Again, if you are struggling financially, you may be unable to pay back the title loan in time. When this happens, the lender takes possession of your vehicle to pay back the loan.
LP & Sons Auto Care is the best auto service shop in DeLand, FL, and, again, we work with Snap! Finance to help our customers secure the financing they need further auto repairs. You can apply online from our website.