Few things are more frustrating than being unable to afford your automobile repairs. Your automobile is broken down and you need it desperately. The problem is you can’t afford to get it fixed. We understand this here at Hightech Automotive, which is why we offer payment plans to our customers to help them pay for their automotive repairs. The financial website Credit Karma also advises that there are ways you can pay for your car repairs and some won’t make too much of a dent in your finances. Let’s talk about ways to finance your car repairs below, according to Credit Karma.
Bank Loan
One of the best things you can do is to take out a personal loan with your bank to pay for your automotive repairs. The reason why this option is the best option is that it offers low-interest rates and extended payback periods to make your monthly payments more affordable. Not everyone qualifies for a bank loan, however. You must have excellent credit, a low debt-to-income ratio, and collateral that can back up the financing from the bank. You can check with your bank to see if they would be willing to give you a personal loan so you can get your car repaired.
Credit Card
Credit Karma warns that using your credit card may not be the best option. Many credit cards have interest rates as high as 20 percent. This makes paying off the auto repair bill nearly impossible because you’ll be paying such high interest on it. If you have stellar credit, you may qualify for a credit card or line of credit that doesn’t have any interest for six months to a year. In this case, using this payment method works, because it gives you that duration to pay off your auto repair bill without having to pay any additional interest. You’re paying off the principal only.
Title Loan
For those who don’t have good credit, you may be able to get a title loan to pay for your car repairs but Credit Karma warns this loan can be dangerous. There is no credit check for a title loan, and you get the money quickly, but in order to secure the loan, you must turn over your vehicle’s title to the lender. The interest rate on this loan is usually very high, and you must pay back the loan quickly. If you don’t, the lender can take possession of your automobile.
Hightech Automotive is the best auto shop in Forest City, NC, and as we said above, we offer payment plan options to our customers to help them pay for their car repairs. We may be able to help you, too. Call us today to schedule an appointment.