Sometimes our vehicles surprise us with a big ticket repair, but it doesn't mean the end their life. What next?
How to Pay for Expensive Auto Repairs
For most people, purchasing a car is one of the most important investments they will ever make. With this purchase, regular auto repair and maintenance will also be required to ensure your car's lifespan and avoid further, more costly purchases. However, some auto maintenance services can be expensive, and paying for them is not always easy.
Not knowing how to pay for expensive auto maintenance is common, which is why we are going to take a look at a few ways you can pay for your next major car repair.
If you’re searching for affordable auto repair in Blacksburg, Virginia, contact Campus Automotive today. We pride ourselves on providing affordable maintenance and repair services for all cars, trucks, and SUVs. Come see us today, and one of our professional auto service consultants will inspect your vehicle to get you back on the road as quickly and safely as possible.
Different Ways to Pay for Auto Repairs
Personal Loans
If you have good credit, you can look for personal loans to cover the car repair expenses. There are several online lenders with interest rates capped at 36% that will process your personal loan within a few business days.
If you require less than $1,000 and you are a member of a credit union, then you can also look at Payday Alternative Loans with capped interest rates of 28% with a maximum six months terms. You also don't need to have excellent credit to qualify for such loans.
Mechanic Financing
These days, several mechanics partner with lenders to offer financing options to their customers, while some mechanics offer financing via a branded credit card. You can use this option to pay for more than just repairs, such as regular maintenance. This will protect your vehicle from future problems.
However, check your other options before you apply for this option. Rates are usually more competitive when you apply directly through a bank or credit union instead of applying via your mechanic's third-party lender.
Credit Card Financing
If your credit card has an open credit limit, you can put your car repair expenses on your card. Even though you will be charged for the transaction, it is usually much lower than payday loans.
If you are looking to apply for a new credit card, look for cards with low introductory rates. This will let you hold off your interest payment for a maximum period of 21 months.
Short-Term Loans
Short-term loans such as payday loans, installments, auto titles, etc. are designed for borrows who have bad credit and need quick financing to cover their expenses.
While you can obtain a wide range of amounts to cover your car repair expenses, you will be charged. The APRs for these types of loans are well over 300%, and you may end up getting caught in a debt cycle.
If you need auto maintenance and are short of funds, don't panic and try one of the options discussed above. All these options can cover your expenses, and you will be able to pay for your car repairs without any worries.
The Best in Affordable Auto Repair
At Campus Automotive, we pride ourselves on providing our customers with affordable auto repair in Blacksburg, Virginia. With each appointment, we strive to meet our customers' satisfaction and the needs of their cars. To schedule your next auto service appointment, call us today to ensure your vehicle will keep you safe on the road for years to come.