Where Can I Get Emergency Car Repair Loans?
January 12, 2022 | Daniel Dewitt
If you’ve ever been in a car accident or had some kind of damage to your car, it could leave you needing emergency car repair loans. As inconvenient as searching for a loan can seem, there are actually plenty of options out there to help you out.
Whether you get financial help from your mechanic, get a personal loan from a financial institution or bank, or opt for registration loans near me, here are our top five options available when you need to get emergency car repairs finished.
Top 5 Places To Get Emergency Car Repair Loans
1. Mechanic Financing Plans
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. Personal Loans
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.
3. Use A Credit Card
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.
4. Ask Relatives Or Friends
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 Near Me From Fast Auto Loans, Inc.
The final place to find emergency car repair loans is with us at Fast Auto Loans, Inc. in Arizona through our registration loans near me. With our quick registration loans AZ, you can qualify for up to $900 to fund your repairs. Plus, instead of using your vehicle’s title as collateral like with our title loans, you use your vehicle’s registration instead.
The thing with our registration loans is – unlike our title loans – you do not need to have a fully paid-off car to qualify. If you are still making car payments on your vehicle, you can still get a registration loan. Keep in mind that we will check your credit for this kind of loan.
And just like our title loans, our process is simple and convenient. Just begin by filling out the online form on our website. Once you submit the form, a registration loan representative from the nearest fast auto title loans location will give you a call to set up a time for you to come in with the required items.
Once you set up the meeting, you can bring in your driver’s license or state-issued photo ID, your vehicle’s registration in your name, a valid social security number, and a blank check from an active checking account in your name. The representative will look over your items and decide if you qualify.
If you do qualify for approval, we will go over the loan terms and have you finish the simple paperwork. Once everything is completely filled out and you agree with the terms, you can get the money either on the same day or the next bank business day at the latest.
Get The Help You Need Finding Car Repair Loans!
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 registration loans near me, fill out our online form to get started.