Times are tough for many Americans these days. You may need to have your car, truck, or utility vehicle repaired, yet you cannot afford to pay the bill. Consequently, you are left with an inoperable vehicle and a struggle to get to and from work. Don’t worry. There are financing options that help people pay their car repair bills. CAR FIX in Maryville is going to list some of the options suggested by the financial website Credit Karma below. Some of these might work for you, although be wary of high interest rates and short payback terms.
Traditional Financing Options
The best options are traditional financing options such as a personal loan from your bank or a low-interest credit card. A bank loan will come with the lowest interest rate of all of the options we are going to list in this blog. The loan also gives you an extended period to pay back the monies borrowed. This makes it easier to incorporate the loan payments into your budget because they are smaller.
The caveat to a bank loan or low-interest credit card or line of credit is that you must have an excellent credit score in order to secure the financing. You must also have collateral that holds value to back up the loan amount. If your credit score is less than desirable, your bank may not approve the personal loan and you may not qualify for a low-interest credit card or line of credit.
Alternative Financing Options
There are financing options for those who have low credit scores or no credit. These are the options that Credit Karma warns you should only use as a last resort. The reason why is that these options have very high interest rates and short payback terms. In other words, you may be expected to pay back the full amount of the loan within two weeks to 30 days.
If you are already struggling financially, this is a tall order. Nonetheless, the first alternative financing option is a payday loan. This is a loan where you borrow money against your next paycheck. There is no credit check and you receive the financing right away. The loan and its interest rate will be deducted automatically out of your bank account the next time you are paid.
Another option is a vehicle title loan. With this financing, you turn over your vehicle’s title to secure the funds you need to get it repaired. Generally, this financing must be paid back in 30 days. High interest rates may be included with this financing, and if you fail to pay back the loan, the lender may take possession of your automobile. Be careful with this financing option.
Finally, CAR FIX in Maryville, TN, works with Snap! Financing to help our customers secure the monies they need to get their vehicles repaired. You can apply for this financing directly from our website.
