According to one report, the average American has spent nearly $2,000 on auto repairs over the last five years. When your vehicle breaks down, you need to get it fixed as quickly as possible.
Not only does your car take you around town, but it also offers you reliable transportation to and from work, school, and home. From major problems, such as a faulty engine, to minor setbacks such as dents and scratches, you need to address car troubles as soon as you notice them.
Yet, it’s no secret that these fixes can be expensive. A quick loan can give you access to the immediate funds you need, so you can get back on the road with confidence. Today, we’re sharing how this option works.
There are some types of car repairs that you can anticipate. For instance, you know when it’s time to change the oil and you can usually tell far in advance when your windshield wipers are on the fritz.
However, if a surprise issue occurs, would you be able to cover it out of pocket?
Research shows that more than half of all Americans aren’t prepared to do so. According to this survey, cost is the second most common reason why people delay car services and repairs, right after time. In fact, fewer than half of all respondents said they were capable of pulling together enough money to get their car fixed on an emergency basis.
This sentiment is echoed by another survey, which reveals that one-third of American car owners cannot attend to necessary repairs (averaging around $500 to $600) without taking on some form of debt. This equals around 64 million Americans.
If you’re struggling to pay your repair bill, it may bring you some comfort to know that you’re not alone. Still, you might be wondering what your best options are moving forward. How can you finance car repairs in a reliable and convenient way?
Enter, the quick loan.
A quick loan works exactly as its name implies. This is a type of small personal loan that’s issued in a short period of time, allowing you to quickly access the money you need. Once you have the cash in hand, you can use it to pay off your invoice from the repair shop.
Depending on the specific lender you go with and whether you’re approved, you could have funds deposited into your checking account as soon as the next business day. This is much faster than going through a traditional lender, such as a bank or credit union.
Most quick loans are structured as installment loans. This means that you will pay the lender back for the full price of the loan (plus any additional interest and fees) by making regular monthly payments. Before your loan goes through, you will receive terms from the lender that clearly explain how much your payments will be, and how long your repayment period will last.
Each lender will have its own set of requirements that they look for when approving applicants for a quick loan. This may include analyzing your credit score.
However, one advantage of choosing an online lender is that credit score limits aren’t typically as strict. While a bank might look at your credit history and credit score to determine if you qualify, most online lenders are primarily interested in your ability to repay the loan on time.
If you can prove that you’re currently employed and can meet their requirements, your credit history isn’t often as scrutinized. However, if the lender you’re working with does set strict credit score limits and yours is sub-par, you may consider applying with a co-signer who can give the lender confidence that you’ll repay the debt on time.
The good news? As you repay your quick loan on time, you’ll build your credit history, prove your creditworthiness and even improve your credit score!
Accessing the application process despite a poor credit score is only one reason to choose a quick loan to help cover the cost of your car repairs. Other benefits include:
Especially if you’re running into difficulties securing an auto loan from another source, an online quick loan can be a great alternative.
While quick loans are convenient, keep in mind that they can also carry higher interest rates than loans offered by more traditional institutions. It’s important to clearly understand what you’re required to pay back, including any hidden fees, before signing on the dotted line.
You should also do your due diligence and choose an online lender that’s reputable and well-reviewed. Before sharing your personal financial information, verify that the website and provider are both legitimate.
You can use a quick loan to cover almost any type of car repair that you need. This includes:
To keep your costs low, only borrow as much as you need. While you might be able to use your auto loan to cover cosmetic or functional upgrades, such as a new paint job or sound system, consider whether those expenses are necessary.
You shouldn’t have to suffer through car troubles on your own. You deserve access to a safe, reliable vehicle that you can trust to take you from Point A to Point B.
If you need auto repairs but cannot afford to pay for them on your own, a quick loan can help. The key is to find a trustworthy vendor and understand their process before moving forward.
Looking for a loan you can trust? We’ll help you find financing options tailored to your needs. Complete our form to connect with lenders in our network today!