If you own a car, at some point you will have to repair it. That’s just how it is. Knowing this doesn’t make the situation any better, though, especially when you end up with unexpected breakdowns of your car.
The car repair cost can range from $400 to $4,000, and you can’t exactly leave your car like that without repair since you have to use it daily.
You won’t be able to go to work or drop your kids off at school so that really isn’t an option. So, what can you do? Well, the easiest option is to apply for different kinds of loans like payday loans which you could check here or opt for car repair loans to deal with. Let’s take a look at some of the options available to you with car repair loans.
What Are Auto Repair Loans?
Some lenders specifically let you borrow money for car repair. Whatever amount they’re willing to let you borrow is strictly limited to what you have to repair. Usually, a 30-day time period is given in which you have to give the money back. If you’re unable to do so, the lenders might repossess your car. So, while it’s an amazing option, it’s a scarily risky one.
On the other hand, you skip out on lots of hassles that would have otherwise come with personal and traditional loans. You also don’t need to have a good credit score. Your lender either typically sends the loan amount to you or directly to the shop where you are repairing your car.
What Can Be Covered by Car Repair Loan?
Usually, when you take a car repair loan, it revolves around making sure your vehicle is ready to hit the street smoothly again. This would include taking care of the tires, doing the actual repair and service work and even doing some advance maintenance to make sure your car doesn’t break down again.
There are lenders who go above and beyond, even offering assistance programs for the road, protection plans on vehicles and even personal cash in some cases.
The things that aren’t covered by car repair loans are certain non-essential parts of the car like the stereo system, no prepaid maintenance package, and no warranty extension.
The loan ranges of lenders also differ based on how much your credit score allows along with state regulations.
Things to be on the Lookout for
So what Should You Be On the Lookout for While Finding a Good Auto Repair Loan Arrangement? If you look hard enough, you will be able to find auto repair loans that offer you maximum advantage. Schemes, where you have zero percent interest if you pay within 60 days, are your best friend.
Flexible options for payment should be another thing you should be on the lookout for. Not only should the loan amount be considerate of your income, the payment timeline should also be made in the way that’s most advantageous to you.
The application process should be easy and fast, otherwise, what’s the point of applying for car repair?
Remember, car repair loans are still a risky business. Before you agree to any of them, read the payments term as carefully as you can. Don’t get tricked into paying back for more than you should or end up in situations where you long pass the due date of payment. If you decide car repair loans aren’t the best option for you, payday loans are always there for short term loan options.