We here at Righter’s Auto Repair sincerely hope that you are not being affected by the pandemic. This said, with so many people losing their jobs, it’s hard to imagine that you would not be affected. You still need your car, and letting maintenance and repairs go will cost you more in the end. There is financial help that covers automotive repairs. Let’s talk about some of the options Credit Karma recommends and warns consumers about.
Traditional Financial Options for Those With Good Credit
The ideal way to get money for your automotive repairs is to get a personal loan from your bank. These loans offer low-interest rates and long-term payoffs that give their customers plenty of time to pay the loan back with low monthly payments that fit into their budget. The caveat of traditional loans is that you must have good credit in order to secure one and the collateral to back the money up. If your credit is bad or you have no assets, chances are you will not be approved for a traditional personal loan.
Alternative Financial Options for Those With Bad or No Credit
There are options for those who struggle with credit issues, but Credit Karma warns consumers that these options should only be used as a last resort. For example, you are likely familiar with payday loans, but what you might not be familiar with is their interest and payback terms. Payday loans give you cash immediately without any credit check, but you must pay back the loan in its entirety the next time you get paid. The loan will assess high interest, sometimes double the loan, that must be paid back, as well.
Another option is a title loan, and this, too, comes with immediate payback terms and high-interest rates. If you own your car, you can secure a title loan by turning over the pink slip to receive the money. Once you pay back the loan, you will get back your pink slip. If you cannot pay back the loan, the lender will take over ownership of your car. As you can see, these two loan options can get borrowers into a heap of trouble very quickly, which is why they are not recommended unless absolutely necessary.
Another option is right here. Righter’s Auto Repair in Grand Ledge, MI, offers Snap! Finance and Napa Easy Pay to our customers to help them with the vehicle maintenance and repair costs. Call us today for more details and to schedule an appointment for your automotive services.
