It’s frightening if your car has broken down and you cannot afford to repair it. You need your automobile. Thankfully, Credit Karma advises that there are options for people who cannot afford their auto repairs. Integrity Auto Repair works with Snap! Finance to help our customers get the financing they need so they can get their automobile repaired. We are also going to talk about the different financing options below as discussed by financial experts Credit Karma.
Options for Those With Excellent Credit
People who have excellent credit have better options available to them. This may not seem fair, but it is the reality of financing. For example, if you have excellent credit and collateral to back up a loan, you can likely get a personal loan from a bank or credit union with a low interest rate and an extended payback period. This gives you plenty of time to pay back the loan with low monthly payments that are easy to work into your monthly budget.
You can also get a low-interest credit card or a credit card that has zero interest for six months to a year in order to pay for your auto repairs. This gives you an opportunity to pay for the repairs without being bogged down by high interest rates. This is especially true if you have the credit to get approved for a card that has a zero-interest period. It’s always important to check your credit card’s interest rate before you use it because it could be as high as 20 percent or more.
Options for Those With Poor or No Credit
If you have poor credit or no credit, you can still get financing for your automobile repairs. The caveat is that this financing comes with very high interest rates and short payback periods. For example, if you were to take out a payday loan to pay for your car repairs, you would need to pay the entire amount of the loan back plus interest out of your next paycheck. This can be difficult if you are already having financial problems.
Another option is a title loan. This allows you to borrow money against your automobile if you own it. Thankfully, Oregon regulates title loans in the state to prevent you from becoming a victim of fraud and losing your automobile. Even though these loans are regulated, the interest rates and payback periods are still difficult to deal with if your finances are tight.
Integrity Auto Repair is the best auto service shop in Eugene, OR, and, again, we offer financing for auto repairs through Snap! Finance. They work with people with all types of credit histories.
