The holidays are almost behind us and between Thanksgiving, Christmas, and New Year’s you are tapped out. You’ve spent more money on food and gifts than you ever thought imaginable. Now is not the time for your car, truck or SUV to break down, but if it does, there are financing options available to help you pay for its repairs. First, take your vehicle to a reliable mechanic such as PKW Motorwerks. Then, consider the following options as discussed by Credit Karma.
Bank Loans
Bank loans are also called traditional loans and they work well for people with good credit. If you have good credit and an excellent debt-to-income ratio, you will probably qualify for a bank loan. Take out a personal loan for vehicle repairs but be disciplined on your loan application. Don’t take out more than you need because you must pay back the loan and interest via monthly payments. If you’re already on a tight budget, the less you borrow the lower your monthly payments.
Payday Loans
If you have poor credit and know you will not qualify for a personal loan you could consider taking out a payday loan. This is not a good option but it does work in emergencies. If your car repairs aren’t that much and you can easily afford to pay back the payday loan plus interest on your next payday, this option will work for you. If you have extensive repairs and you cannot pay back a payday loan within two weeks, don’t finance your bill using this option.
Title Loans
The same is true for title loans. Title lenders take your vehicle’s title as collateral for the loan and they will not give it back to you until you pay the loan plus interest in full. These loans come with high-interest rates, as do payday loans for that matter. You cannot take out a title loan unless you own your vehicle, and if you fail to pay the title loan back on time, the lender can repossess your car, truck or SUV just as a vehicle purchase lender can.
All is not lost, however. PKW Motorwerks in Plainfield, IL, offers vehicle repair financing options to its customers. We understand you might not have the money sitting around and we can help you finance your repairs so you can get back on the road. We are experts in European automobile service and repair, so call us at 630-381-8834 to set up an appointment.