When your car breaks down, you may be able to take out an auto repair loan for bad credit. These loans are available from many lenders and can be used for a variety of purposes.
However, it is important to compare auto under debt review and need a loan urgently repair loans from multiple lenders before making a decision. This will help you find the best rates and terms for your situation.
0% intro APR credit cards
0% intro APR credit cards offer an introductory period during which new cardholders can finance purchases and/or balance transfers without paying interest. Once the introductory period ends, regular interest rates begin to apply to any remaining balances.
Taking advantage of a 0% APR offer requires discipline and a plan to pay off any debt you may accrue during the promotional period. If you don’t, a large balance can quickly become unmanageable and end up costing you more in the long run.
Fortunately, many credit cards offer introductory 0% APR periods that last a few months to a year, depending on the card’s terms. The length of a 0% APR offer can have an impact on the rewards and sign-up bonuses you can earn, so it’s important to choose the right card for your situation.
Store credit cards
Many large brand-name repair shops and auto mechanics offer cobranded credit cards as a financing option. These cards often feature promotional financing that offers no interest on purchases if paid off within a certain time period or if you pay a minimum amount.
One of these cards is the Sears Mastercard, which can be used for purchases at Sears stores or at Sears auto service centers. This card also offers rewards points on eligible purchases.
Another store credit card is the CFNA credit card. This card caters to borrowers with poor or bad credit, and it offers no interest on purchases until you make payments in full.
You can also try a secured credit card, which requires a security deposit to obtain. These cards tend to have high approval odds and high credit limits.
Loans from your auto shop
Whether you’re looking for an auto repair loan to cover maintenance work or emergency repairs, your local mechanic may offer financing options that can help. However, you’ll want to compare interest rates and fees to make sure you’re getting the best deal.
Personal loans are another option that can help you cover auto repairs and keep your expenses down in the long run. These are installment loans that let you repay the money you borrow over time through monthly payments.
You can apply for a personal loan online, and depending on the lender, you could get the funds as soon as the next business day. Some lenders also offer personal loans for bad credit, so you can get the money you need to repair your car even if you have less-than-perfect credit.
To find a shop that offers an auto repair loan, search for one that has a good reputation and uses certified mechanics. You should also ask for a written estimate before you pay for repairs, and make sure you receive a detailed invoice that shows each repair performed and which parts were replaced.
Personal loans
When you need money for your car repairs, a personal loan is an option that can help. Whether you use a bank or an online lender, these loans can be a great way to finance the costs of your repairs, and many offer fixed interest rates and stable monthly payments so that it’s easy to manage.
If you have bad credit or no credit, personal loans are still available to you through online direct lenders that provide emergency auto repair loans. These loans can be approved quickly and can have funding deposited into your account as soon as the next business day.
While some websites that advertise no credit check auto repair loans are actually payday loan aggregators, SuperMoney’s loan offer engine can prequalify you for the best unsecured personal loans for car repairs without negatively impacting your credit score. Just fill out a short form and we’ll find you the right loan. You can then decide if you want to apply.