There may be are a variety of financial options and solutions available to a person needing to finance his or her auto repairs: credit cards, payday loans, or a financing plan through a repair shop. Trading the damaged or disabled vehicle in for another one purchased with an auto loan may be a possibility too.
Financing Auto Repairs
A financing option that is likely to be less expensive than a high-interest rate credit card, shop plan or payday loan is a personal loan. A specialized online lender currently offers auto repair personal loans with an interest rate as low as 5.99% for those that qualify on loan amounts between $500 to $10,000 with a three, five, or seven-year term. They’re easy to obtain and fund quickly, if not the same day, then the next business day – so there’s no reason to postpone the necessary auto repairs due to administrative inconveniences.
A personal loan obtained for auto repairs can also be used to finance custom repairs that involve purchasing aftermarket products such as alarms, stereos, rims and tires, and high-performance components. Also, auto repair personal loans are none restrictive – a borrower can use any shop they choose to complete their repairs or customer work.