Nothing is more frustrating than having your car, truck, or SUV break down and no money to fix it. You have public transportation options, but this will significantly cut into your already busy day. You can get financing for your auto repairs, even if you have bad credit. According to Credit Karma, however, it’s best to proceed with caution. First, find a reputable auto mechanic such as J&S Auto Repair, and then consider the following financing options for the extra money you need to get your vehicle fixed.
Financing It’s Best to Avoid
Unless you have no other choice, it’s best to avoid cash advances from alternative lenders. Despite their commercials touting financial freedom, cash advances come with very high costs, including exorbitant interest rates and payback requirements most people cannot meet. The longer it takes to pay back the cash advance, the more interest and penalties accrue, leaving people so deep in debt they cannot get out of it. Only take out a payday loan or a vehicle title loan if you have no other option.
Better Financing Options
It’s better to approach your bank or credit card companies to see if you can get automobile repair financing that way. Not only are these institutions reputable and insured; they also offer funding with lower interest rates and the ability to pay back the loan over time. Granted, the longer you take to pay back the loan the more interest you’ll accrue, but it’s better to add a monthly payment to your budget that you can afford than to default on your payments, as defaulting will affect your credit.
If you have stellar credit, you should be able to take out a personal loan with your bank or apply for a credit card or line of credit that offers little-to-no APR. Keep in mind, the lower the interest rate, the easier it is to pay off the loan, not to mention the less expensive it is to repair your automobile. For example, some cash advances charge interest that literally doubles the amount of the money borrowed, whereas, traditional financing charges interest generally below 10 percent. Protect your credit with the lower interest rate.
Even if you have bad credit, J&S Auto Repair offers its customers financing. Stop by our Warwick, RI, shop today or call us for more information. We are a full-service automotive maintenance and repair shop that works on all vehicle makes, models, and types.
