Financing Options for Your Car Repair
You may need a car repair when you least expect it, and it may cost you hundreds or even thousands of dollars. If you don’t have the funds to pay for fixing your car upfront, don’t worry. There are car repair financing options that can help you cover the cost of new tires, brake work, an engine tune-up, and any other repair you may need.
How Can You Get Financing for Your Auto Repair?
Car repair financing can allow you to pay for sudden car repairs, even if you don’t have the cash to do so all at once. In most cases, you can borrow money and pay back what you owe over time. Some financing options, like car repair loans, can get you the funds you need very quickly.
Ways to Finance Your Car Repair
There are a number of car repair financing options you may want to consider, including:
Personal Loan
If you take out a personal loan, you’ll receive a lump sum of money that you can put toward your car repair. You can pay back the vehicle repair loan through fixed monthly payments over an agreed-upon term, which can be anywhere from a few months to several years.
Credit Card
A credit card is a flexible car repair financing solution because you can borrow as much or as little money as you’d like up to your set credit limit. If you’re unsure of exactly how much your car repair will cost, a credit card may make sense. Some credit cards will even reward you with cash back or points.
Title Loan
With a title loan, you give a lender the title to your car until you repay it in full. The value of your car will determine your loan amount. Fortunately, you’ll be able to drive your vehicle while you pay back your auto repair loan.
Mechanic Financing
Many mechanics offer car repair financing that can allow you to pay them back for their services over time. Some mechanics partner with lenders that provide personal loans and credit cards. They may even advertise 0% introductory APR but will charge you high-interest fees once the introductory period is over.
Emergency Fund
An emergency fund is money that you can set aside to cover unexpected expenses like car repairs. This extra cash can help you avoid emergency car repair loans and save money on interest and fees.
You may store your emergency fund in a high-interest savings account or anywhere else you can access them easily. If possible, keep three to six months’ worth of monthly expenses in your emergency fund at all times.
Advance America Loans Can Finance Your Car Repair
In need of a fast car repair loan? Advance America offers options you may want to consider. With our payday loans, emergency loans and installment loans, you can receive the funds you need within 24 hours. If you opt for one of our title loans, you may collect your money the same day you apply after your car gets appraised at an Advance America location.
