What Can I Do if I Cannot Afford My Auto Repairs?

We can understand your fear and frustration if you cannot afford to repair your automobile. You need your car, yet you are helpless because you can’t afford to get it fixed. CAR FIX works with our customers to offer some lending solutions that you can apply for that will cover the cost of your auto repairs. The financial website Credit Karma also discusses options, which we will briefly go over below.

Ask Your Bank for a Loan

One of the best options to get the money you need for your car repairs is to go to your bank and ask them for a personal loan. Loans from traditional financial institutions such as banks and credit unions come with lower interest rates and longer payback periods. You do need to have good credit in order to get this type of loan, so some people won’t qualify. You also need to have collateral to back the loan.

Apply for a Low-Interest Credit Card

If you have a credit card that has a low-interest rate, you can use that to pay for your car repairs provided you have plenty of balance left. It’s important not to use a credit card with an interest rate that is high. The higher the interest rate the more difficult it is to make the payments to the principal, which means you could be paying off your car repairs for years. If you have good credit, you may qualify for a low-interest credit card that will make paying back the repairs easy.

Take Out a Payday Loan

There are options for those with poor credit but they come with caveats. The first option is a payday loan. You’ve likely heard of these loans. Credit Karma warns consumers that these loans come with very high-interest rates and short payback periods. In fact, with a payday loan, you will be expected to pay the balance plus interest on your next payday. This may create problems for you if you have other bills attached to that paycheck.

Take Out a Title Loan

Credit Karma also advises that a title loan is an option for those with poor credit. The financial website cautions consumers, however, because you have to turn over your vehicle’s title to get the money. Once you have paid back the loan plus interest, you get your vehicle’s title back. Do not take this loan out unless you are certain you can pay it back without a problem.

If none of these options sound good, as we said above, CAR FIX is your one-stop auto shop in Crossville, Cookeville, or Oak Ridge, TN, and we offer financing options for our auto repairs. You can even apply for the financing on our website.

Photo by Skitterphoto from Pexels via Canva Pro

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