Emergency Car or Auto Repair Loans for Bad to Good Credit Score
Need emergency car or auto repair loans?
Without new, used or extended warranties and collision coverage you may need loan for auto repair. Also, because of insufficient savings, people look for emergency car or auto repair loans. Due to high cost of living and hefty credit card fees it’s best to take out an auto repair loan online
When an Emergency car repair loans useful?
- Need auto repair due to the normal wear and tear.
- Due to mechanical failures or damage due to lack of maintenance.
- Old cars carry liability insurance, but not collision coverage.
- If you have defaulted on your premium but need money for car repair.
- You won’t get excess amount from insurance as per your policy limits on your declaration, that time you may need emergency car repair loan.
- Auto repairs like oil change, brake service, troubleshooting ac systems or compressors, windshield.
- Also auto parts of old car are not covered by insurance and don’t have extended warranties.
- Also for many other repair purposes.
What will you do in such emergency situation? No money for repair. Car or vehicles has become a part of our life for those who use it every day.
In this emergency situation car or auto repair loans are best to solve the problem.
How to get a loan for car or auto repair with bad credit?
You must be an employee or self employed with regular source of income. Your debt to income ratio must be around 40% to 45%. Must not have recent bankruptcy or several missed payments. If you have a min monthly income of $1,500 after tax then you can get an online loan with bad credit.
- Apply online and fill in the loan application form.
- Submit your personal and employment details
- Along with Address proof, income details, tax paid history, and
- State issued or Driver’s license id.
- Have active checking or savings account
- Social security number
In case, you’re a young adult started earning recently from past few months then also you can apply without tax paid history. May be you can get income based personal loans up to $2,000.
Personal Loans for car or auto repairs:
You have two options based on your income. One is small personal loan and another is bad credit installment loan with monthly payments.
Both required minimum monthly income. Though, it’s difficult to get approved for bad credit still you can get if you have low debt to income and monthly income meet their minimum requirement.
You can get only small auto repair loan with bad credit. Also, checking your eligibility for the loan will not affect your credit score.
To get a personal loan for Car or auto repair at p2p lending, you must have a
- Minimum 600 credit score
- Source of income employed or self employed
- Monthly income min $2,000 after tax
- APR 6% to 36%
- Debt to income not more than 45%
- Term will be from 3 months to 60 months (fixed monthly repayments)
- Loan amount $1000 to $35,000
- No prepayment fees.
Bad Credit Auto Repair Loans up to $5,000: (less then 600 credit score)
- Must be an employee with active checking account.
- Minimum monthly income $1,000 after tax
- Term up to 24 months
- APR varies for each state, income, and credit score.
You can use auto repair loans for any purpose like battery, car body collision repair, car door or bumper paint, auto upholstery, car interiors repairs, remove small dents etc,.
Car or Auto Repair loans:
An easiest and popular way to find car or auto repair loans is at online lending platform. Online lenders at p2p lending platform offer car or auto repair financing. You can search online and find the best auto or car repair loans. Irrespective of your credit score you can get online loan for auto repair.
Consumers are aware of auto repair loans by now. Peer to peer or personal to person auto loans from lending platform like personalloans.com is specializes in car or auto repair loans. You can qualify up to $35,000. This is an alternative to title or auto loan industry. You can use this loan for car or vehicle emergencies like collision, damage, oil change, etc without collateral.
At P2P, personal loans term and rates varies based on your credit score. If you have good to excellent credit score, then your rate of interest will be less or almost equal to a secured loan. For bad credit, there will be slightly high rate of interest with lesser loan amount, may be up to $5,000.
Once approved, loans will be deposited to your checking or savings account within 0 to 3 days.
Why car or auto repair loans Online:
It’s no secret that title loans often called as “no credit check loan” will have high interest rate. But, personal loans for auto repair can get up to 35% to 50% of your gross monthly income.
Online lenders at p2p lending pays close attention to your credit history and monthly income. Even, for people with bad credit can get loan with high interest than good credit score. Also, their loan amount lesser than good credit.
Car or Auto Repair Loans for bad Credit:
Here, you can find car or auto repair loan with bad credit from online lending. A decade ago, if you wanted auto repair loans with bad credit then you had only one option like that is auto title loans but due to online lending like p2p loan (person to person) it’s easy to get car or auto repair loans with bad credit.
P2P lender offer personal loans for various reasons including auto repair. A personal auto loan is a loan issued to an individual based on his credit history and income whether weekly or semi-monthly or monthly.
Their requirements are simple and can easily qualify for auto repair loans.
Before getting auto repair loans:
First, get auto repair estimates from your local mechanics and ask for free advice. Find out how much it will cost for your vehicle repair. If you are living from paycheck to paycheck, then you cannot wait till payday to get your car or auto repaired. Sometimes, maintaining used cars or vehicles can be costly.
If the repair price is too costly, a sincere advice to find a new or used vehicle for buy instead spending large amount on vehicle repair.
Emergency Car Repair or Auto Repair Loans:
Some auto companies, like Ford, offer special credit cards to their customers who have trouble affording their repair costs. While this might sound like a good idea, you don’t want to end up with a credit card that you’ll be using for the long term because then you’ll end up accumulating more interest that you must pay. It is better to stick with personal loans for car repairs which have a set term limit.
Personalloans.com is a lending marketplace that offers emergency car repair loans. This is specially constructed for people who need loan for auto repair due to lack of insurance or no extended warranty coverage. Once you get approved for auto repair loan. You can select the loan amount and the opportunity to customize the monthly installment plan.
Tips to Keep Your Auto Repair Costs Down
Ok, so you desperately need auto repair, and you got auto repair loan to take care of the repair bills. Do not just walk into an auto repair shop and agree to the stated price! There are some things that you can do to save some money.
First – ask questions! Do not accept what’s been said, ask for details. All of the details that relate to the cost you’ve been given. Have the repair person walk you through all of the repairs that are proposed. So you totally understand what has to be done.
Next, make sure the repair shop is a qualified one. Ask about their certification and if they have won any awards for service. Most importantly – ask about the guarantee they will provide once the work is completed. The shop should follow what’s often called “industry best practices”. The type of service and effort you would expect from all the top repair shops.
And make sure the mechanics are certified as well. If the repair shop is an approved auto repair program from AAA – you’re in a good place. That is because those shops have to have a customer satisfaction index of at least 90% to participate in that program.
If you have multiple repair needs, prioritize!. Let us say you are handed a list of car repair issue, and the service tech says that “they’re all important and urgent.” Stop! Any shop that says each and every repair is urgent is not where you want to take your vehicle. Let them advise you on the main issues that you brought your vehicle in for before anything else.
Here is an important tip:
Get another opinion! It is fine to have an estimate on the work that “must be done”. But getting another repair shop to verify that would be a plus for you. That helps you decide whether or not the quote you received is a fair one. Call around – and be honest with the people you call. Tell them you have an estimate on some repairs. And ask if their costs are in line with what you have been given.
Finally, get your estimate in writing!. No way around this one – if it is not in writing, do not leave your vehicle at that repair shop under any circumstances. The estimate should include everything that is going to be done, and also state what type of warranty is included. It should also state how long the repairs would take. Ask the shop if they have a process for resolving disputes – like a third-part arbitrator, for example. If things do go wrong, you should know in advance how the problems are going to get resolved. Asking after the fact then it’s way too late!
By following these tips, you can hopefully take a big bite out of your repair bill. Which will ultimately lower your monthly repair payments.
The bottom line is that regardless of what your credit history, credit score and personal circumstances are. There are ways to get the money you need for auto repair loans or auto purchases. You need to do your homework and make sure you know your options before you commit to taking on additional debt.