What exactly is car repair financing?” Car repair financing (which is also referred to as auto repair loans) are available to help cover the cost of maintenance or repairs you have on your vehicle. There are programs that you may be enrolled in that help you in a situation like this, including:
But if you are not enrolled in any of the above programs, then you may need car repair financing in order to afford maintenances on your vehicle if you can’t otherwise afford it. Car repair loans are usually personal loans and can be secured or unsecured depending on your lender. When the loan is secured, the vehicle’s title will likely be used as collateral, and a credit check is typically required before you can get car repair financing.
Before you completely opt to go with car repair financing, there are some additional things you should consider. In some ways, buying a new car or used vehicle may actually be a better option. Ask yourself these questions:
If the cost of the maintenance is around the same amount as it would be to get a new or used vehicle, then it may be better to just replace your vehicle with a different one altogether.
If you have a less-than-optimal credit score, you may be wondering if car repair financing is even an option you can go with. Well, while it can be possible, it will be much tougher to get car repair financing with bad credit. If you do, then you can definitely expect to pay a higher interest rate on the funds you borrowed from your lender. And remember, the sooner you take care of a problem, the cheaper it will likely be to fix in the long run. So if your steering wheel is shaking, or other symptoms are present, have those issues checked out!
Contact us and talk to a member of our great finance center so you can get even more information on this or any other financial topic. While you’re here, learn how to qualify for an auto loan, and take a look at our entire new and used vehicle inventories. You can even learn more about GAP insurance coverage and if you can trade in a financed car. We look forward to seeing you at our New Carlisle dealership, which is located just a short drive from Tipp City and Fairborn.
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914-506-5612
Call Now580 North Main Street • New Carlisle, OH 45344
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