When a sudden car repair throws a wrench in your plans, having access to funding is essential. Whether it’s a flat tire, a blown engine, or unexpected accident repairs, finding the right financing option can make a stressful situation manageable.

Here are the top 5 ways to secure emergency car repair loans and get your vehicle back on the road.

Top 5 Places To Get Emergency Car Repair Loans

1. Flexible Financing Plans from Your Mechanic

The first option for emergency car repair loans is the auto shop. Many mechanics offer payment plans to help spread payments over a few months. Lenders working with car repair shops also generally offer no-interest introductory rates to fund your repairs. You also get promotional discounts and other benefits when you use the mechanic’s financing plan.

2. Secure or Unsecured Personal Loans for Auto Repairs

Personal loans are a type of loan that you can use to fund almost any emergency expense, making them particularly useful as emergency car repair loans. They are usually relatively long-term loans, running for a period of 12 to 60 months, and can be secured or unsecured. The terms “secured” and “unsecured” mean the following:

• Unsecured personal loans — You don't need to offer collateral for this form of personal loan; however, you may find it hard to gain approval if you have a poor credit score. Without collateral, the risk for the lender is higher, as they're relying solely on your past financial climate to consider whether you will repay the loan.
• Secured personal loans — With this type of personal loan, you need to offer collateral to access the funding. Collateral reduces the lender's risk, allowing you to qualify for more favorable terms. Generally, they can prove helpful for borrowers with poor credit scores.

Quick Fact: Personal loans can range from $1,000 to $50,000, but approval depends on your creditworthiness.

3. Credit Card Options for Emergency Repairs

Third on our emergency car repair loans options is to use a credit card. Whether you currently have one or not, it might be favorable to those with less-than-average credit scores. If you do plan on using a credit card, you have three choices here:

• Use a credit card you already own — While it may be the easiest option, it could also be the most expensive. We suggest keeping your already-owned credit cards for purchases you can afford to pay on time within one billing cycle.
• Get a new card with a low APR — Some banks offer credit cards with 0% APR for new customers. You can take advantage of the incentive by using it to fund your car repair. Just ensure you repay the total amount before the introductory period ends; otherwise, APR kicks in.
• Try branded cards from your auto supply store or mechanic — Depending on which mechanic or auto supply store you choose, they may offer financing options through their own branded credit cards. Check with them before you schedule the repairs.

Tip: Pay off the balance within the promotional period to avoid high-interest charges.

4. Borrowing from Friends or Family

Close friends and family members might offer monetary help in your time of need. Of course, it's a difficult conversation to have, so we recommend only using this option if you're confident you can pay the money back in a relatively short timeframe.

After all, you would hate if you had a falling out with a loved one over money! If you decide to ask your family or friends, make sure the agreement is written and signed. It should include the timeframe for repayment and the initial amount lent. And, of course, make sure you meet the repayment dates.

 

 

5. Registration Loans in Arizona with Fast Auto Loans, Inc.

For a quick and simple solution, consider registration loans with Fast Auto Loans, Inc. Unlike title loans, registration loans let you use your vehicle’s registration as collateral.

Why Choose Registration Loans?

• No need for a fully paid-off car.
• Get up to $900 fast, often on the same day.
• Easy application process with minimal requirements.

How to Apply:

1. Fill out the online inquiry form.
2. Visit the nearest location with your ID, registration, and social security number.
3. Complete the process and receive funds within 24 hours.

Get Back on the Road Quickly

Finding car repair loans doesn’t have to be as difficult as you may have thought. While getting car repairs can be a stressful time, you can get help paying off those bills with these five options. So the next time your car needs repairs, remember our options. And if you need a registration loan near you check out our locations or fill out our online form to get started. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.