With gas prices what they are in Southern California, it’s nearly impossible to drive your automobile. What happens if your car, truck, or utility vehicle breaks down and you cannot afford to repair it? Aero Auto Repair in Vista offers the option of financing through Snap! Finance. You can apply for this financing online before you even bring your automobile to our shop for the repairs. There are also other financing options available to consumers according to the financial website Credit Karma.
Bank or Credit Union Loan
One such option is a personal loan from your bank or credit union. Credit Karma advises that this is the best option for financing if you cannot afford to pay for your auto repairs in cash. Bank loans come with lower interest rates than credit cards and alternative financing loans. They also offer borrowers extended payback periods to reduce the monthly payment. You must have excellent credit and collateral in order to secure a personal loan from the bank or credit union.
Credit Card or Line of Credit
You can also opt to pay for your automobile repairs using a credit card or line of credit. It’s important to check the interest rate, however, to see how high it is on the specific credit vehicle. For example, if you have a credit card that has an interest rate of 20 percent, it will take you years to pay off the car repairs. If you have excellent credit and can secure a credit card or line of credit with limited zero interest or low interest, this makes it much easier to pay off the car repairs.
Not everybody has good credit, and this is why there are alternative financing options for consumers. One such option is a payday loan, but Credit Karma warns that these loans come with very high interest rates and short payback terms. In fact, if you borrow against your paycheck, you will be expected to pay the loan back plus interest out of your next paycheck.
Another option is a vehicle title loan. If you own your automobile, you can turn the title over to a lender to secure cash for your automotive repairs. Once you pay the loan back plus the interest, you get the vehicle’s title back. As you have probably figured out, if you fail to pay the loan back on time, the lender could take possession of your automobile.
As we said above, Aero Auto Repair in Vista, CA, also offers financing through Snap! Finance. Reach out to them today if you cannot afford your automotive repairs.