Give CAR FIX a call today if you cannot afford your automobile repairs. Better yet, apply for financing directly on our website. We work with Snap! Finance to help our customers get their automobiles repaired when finances are tight. We realize you need your automobile in working condition. Aside from Snap! Finance, Credit Karma also explains that there are other ways you can finance your car repairs. We are going to list those ways below. Some are better than others.
Bank Loan
If you have the credit and collateral, Credit Karma recommends you apply for a personal loan from your bank. The reason why this is the best option is that these loans provide long payback periods so you can have lower monthly payments. They also assess interest rates that are much lower than the other options on this list. The caveat is you need excellent credit or the bank will not approve you.
Credit Card
We know it’s very tempting to charge your auto repairs on your credit card, but before you do, check the monthly interest rate. Credit Karma warns consumers that credit cards can come with extremely high interest rates that will make paying back your auto repairs nearly impossible. These interest rates can be as high as 20 percent or more. It can take years to pay off the repairs.
The better option is to see if you qualify for a low-interest credit card or line of credit. Even better, check to see if you qualify for a credit card that currently has a special offer of zero interest for a limited time. If you can get your hands on a credit card like this, it’s much easier to pay off your automobile repairs.
Payday Loan
Not everyone has the credit score required to obtain a credit card or bank loan. For these consumers, Credit Karma advises that a payday loan is an alternate way to finance your automotive repairs. Here’s the problem: This loan has a very high interest rate and must be paid back on your next payday.
Title Loan
The same is true with a title loan. In this case, you turn over your car’s title to the lender in exchange for the funds to have your vehicle repaired. You must pay back the loan with interest in a relatively short period of time. Otherwise, you run the risk of losing your automobile.
CAR FIX is located throughout Tennessee for all of your automotive service and repair needs. Which location is closest to you? Knoxville, Maryville, Crossville, Oak Ridge, or Cookeville? Call the shop closest to you today to schedule an appointment for your auto repairs.
