Times are tough for everyone and the last thing you need right now is for your car, truck, or C/SUV to break down. Paying for the repairs might not be in your budget, and scraping together the extra cash can be hard for most. J&S Auto Repair offers financing options to our customers for all credit types, so you can talk with us about these options or opt for one of the financing vehicles discussed by Credit Karma that we are going to list below.
Traditional Bank Loan
Credit Karma says a traditional loan from the bank or credit union is the best bet. This is because these loans come with low interest rates and long payback periods. The longer the payback duration the cheaper the monthly payment. The problem with a traditional bank loan is that you must have excellent credit and collateral to secure the financing. Consequently, this option doesn’t work for everyone. If you have great credit, however, this option will most likely work for you. Contact your bank and ask them for the process to apply for a personal loan.
Credit Card/Credit Line
You can also charge your auto repairs or borrow against a credit line to pay for them. Credit Karma cautions consumers, however, that these options can come with some pretty steep interest rates. For example, you may have an interest rate of 20 percent on your credit card. An interest rate this high makes paying off the car repairs nearly impossible. If you have excellent credit, you can apply for a credit card that has a period of zero percent interest or a low interest rate. This makes paying off the car repair bill much easier because you are paying toward the principal instead of toward interest.
Payday Loan
Not everyone has good credit, so Credit Karma advises that there are alternative financing options for those who need a loan without a credit check. A payday loan is one such vehicle. Payday loans help you secure cash within 24 hours without a credit check. The caveat is these loans must be paid back out of your next paycheck. In addition, you must also be able to pay back the interest, which can be very high.
Title Loan
Another alternative financing option is a title loan. If you own your automobile and have the pink slip, you can use it as collateral to secure financing for your auto repairs. Credit Karma warns consumers that this option also comes with high interest rates and short payback periods. Make sure you understand the terms of either of these alternative financing options before you opt to use them.
Again, J&S Auto Repair in Warwick, RI, also offers financing options to our customers if they are having difficulties paying for their auto repairs. Call us today for additional information.
