Financing Options Are Available if You Can’t Afford Your Car Repairs

There isn’t too much that is more frustrating than being unable to pay for your car repairs. You need your vehicle, but you cannot drive it. Service Masters understands that people fall upon hard times, which is why we offer financing for your vehicle’s repairs when you need it. This is the only financing option, however. Financial website Credit Karma also advises there are ways you can finance your car repairs. Let’s talk about these ways below.

Bank Loan

One of the best things you can do to finance your car repairs is to talk to your bank about a personal loan. If you have good credit and collateral to back up the personal loan, you will be able to get financing that comes with low interest rates and long payback periods. This helps those who need a little leeway in their budget to make the loan payments.

Credit Card

Another thing you can do is put the repairs on your credit card, but Credit Karma warns that this can actually make paying off your car repairs nearly impossible. Many credit cards come with high interest rates, sometimes as high as 20 percent. The only time you should put your car repairs on a credit card is if you have the credit to get a card with zero interest for a limited time.

Payday Loan

Not everyone has good credit. Fortunately, there are options for those who don’t, but Credit Karma warns that these options can get you into deep trouble if you aren’t careful. For example, if you take out a payday loan to get your car repairs done, you will be forced to pay back the loan on your next payday. In addition, the lender may assess interest charges over 100 percent.

Title Loan

The same is true with the title loan. You must relinquish the title of your automobile to the lender until such time as you pay the loan back. The payback terms are short on title loans, sometimes as little as 30 days. If you can’t afford to pay for your car repairs, there’s a good chance you won’t be able to pay back the loan in 30 days.

Snap! Finance

Finally, we work with Snap! Finance to help our customers pay for their car repairs when they don’t have the cash outright. You can apply for this financing directly on our website.

After you’ve been approved, set up an appointment with Service Masters in Clearwater, FL, for your car repairs.

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