Auto repairs are difficult to plan for and even harder to delay when something is wrong with your car. When your vehicle is out of service, everything gets complicated fast.
Are you strapped for cash but need critical auto repairs that just can’t wait? The holidays are some of the worst times to get hit with unbudgeted car repairs. If you're like most Americans, you’re already stretching your budget at the end of the year with holiday shopping. The last thing you need is something expensive and unexpected.
If you need auto repairs now but would like to spread the payments out over several months — or wait until next year when you get your tax refund — auto repair financing might be the best option for you.
How Does It Work?
Auto repair financing allows customers to get the service they need, even if they don't have the cash or credit. It's a great option for customers who need relatively small services, as well as more extensive services or products like new wheels or tires, but are unable to pay the full amount in one lump sum. Loans typically range from $250 to $3,000 and are often approved without checking the customer’s credit score. Many times, no credit is required to secure the loan.
Once approved for a certain amount, you have 30 days to use the money and typically six to 12 months to pay it back, one month at a time. Those who pay the first loan off consistently are often able to secure additional loans for future repairs and services as needed.
How Do You Apply?
Once you select the service center you want to handle the repair, ask for an estimate on how much your final cost will be. If you are buying tires, for example, there are other costs such as mountings, valve replacement and wheel alignment to consider. Your repair shop should be able to provide you with a printed, itemized list of what you’ll need and how much it will cost.
Generally, once you know how much you need, you can apply for the loan online or within the shop and be approved in minutes.
Even individuals with bad or no credit history often qualify for auto repair financing. Many lending institutions look at more than just your credit score when deciding whether to lend you money and, if so, how much they are willing to lend. As you prove yourself to the lender and they feel confident that you will pay them back, you may be offered more credit for future purchases.
Many companies and institutions — including banks, online lenders and credit unions — often offer affordable rates on personal loans for auto repairs for those with average to good credit scores.
How Snap Finance Can Help
Snap Finance offers fast and flexible funding, and no credit history is required. All you need is a job and a checking account. Once approved, affordable payments are automatically deducted from your bank account on a specific date each month, so you don’t have to worry about making payments on time.
Auto repairs are a necessary part of life, and you rely on your car for all kinds of important things from getting to work to going to the grocery store and picking up your kids from school. Sometimes waiting on repairs until you have the cash to pay for them can lead to bigger, more expensive problems and more repairs in the long run.
Auto repair financing can be a great way to take some of the stress away from what is already a very stressful situation. If you need auto repairs, consider a financing option that works within your time frame and budget, so you can get your car running again and keep your life on track.
Not only can financing help you get what you need for your vehicle, it can also help you rebuild your credit and increase your score, so when you need more financing down the road, it'll be available.