Having your car break down on you is one of life’s inconveniences that can put a stop to a lot of things. Without your car, you cannot get to work, the grocery store, or any other place you need to go to keep your life moving.
If you don’t have access to money to repair your vehicle now, you may feel hopeless. There is no need to worry, though; you can get a loan for car repair through several different reputable lenders.
Even if you have less than perfect credit, you too can qualify for a loan to repair your vehicle. Continue reading below to learn more about your loan options and where you can apply to get fast cash today.
There are several different emergency loans available for you to get to take care of your car repairs. For example, personal or payday loans are available, depending on how much you need and qualify for.
Personal loans are installment loans that you can get from any online lenders or other financial institutions near you. If you have a relationship with a bank or a credit union, you can reach out to them for a loan. To receive an approval for this type of loan, you do need to have good credit. Some lenders take on clients with not-so-perfect credit, but they do tack on higher interest rates and fees.
Revolving credit cards are excellent options to pay for your auto repair, granted you have enough credit available on the card. If the auto shop you wish to take the vehicle to does not accept credit cards, check to see if your card has a cash advance option.
If it does, you can go to any ATM and withdraw the money from your credit card like you would with a debit card. Make sure you check out your credit card’s rules about the cash advance. Most come with additional fees when you take out an advance on your credit.
Payday loans are great options if you know that you can repay the loan by your next payday. These types of lenders offer you fast cash, but some of them practice predatory lending. This means they impose unfair lending practices which are designed to keep you in debt.
These types of loans are unsecured, meaning no collateral backing the loan. So if you default on the loan, the lender may come against you to recoup the loan they provided you.
To qualify for this type of loan, you must provide them with proof of steady income, an active bank account, and proof of your identity. If the lender approves you, you will receive your loan within 24 to 48 hours.
As mentioned above, there are some lenders who can provide you with a loan, even if you have bad credit. Many of these lenders operate online, making it more convenient for you to apply and receive your application status.
Most of these lenders provide you with a response within five minutes or by the end of the day. If they accept your application, you can receive your funds within one to two business days, depending on when you applied for the loan.
What you need to apply for your personal loan:
If you don’t have good credit, you can add a co-signer to your application to improve your chances of approval. Most lenders don’t require a co-signer and may take you on online based on your income and credit.
As mentioned earlier, you will need to show the lender your proof of income and proof of identity. There are a few documents you can use to show proof of either of the two.
Acceptable proof of identity documents:
Depending on the lender you partner with, you may need to show two forms of ID. For example, if you provide your lender with a social security card, they may require you also to provide a photo ID. Some may take your driver’s license alone without any other form of ID.
Acceptable income verification documents:
If you are an independent contractor or own a small business, the lender may require two years of your previous tax returns before considering your loan. If you don’t have two years’ worth of tax returns, they may ask for bank statements to show proof of your deposits. Each lender has its own rules, so make sure you reach out to them to see what they accept for proof of identification and verification.
We honestly don’t realize how much we need our cars until they are out of commission. When you need fast cash to take care of those repairs, you can reach out to a lender for a loan for car repair.
Of course, some lenders may not take you on as a client if you have less than perfect credit, but there are others who are willing to take you on. If you need a loan for your auto repair, submit your information today to see how much you qualify for.