LoanTruth Car Repair Loans
Auto-repair financing, or car repair loans, help with vehicle costs. Your finances can take a serious hit if you don’t have collision coverage, an extended warranty, or a significant amount of money saved up to fix or replace broken parts or damage sustained from a car accident. Driving to work could also be more challenging than it would be otherwise.
While this challenge doesn’t affect all vehicles or car owners per-se, there are a variety of programs that can make the costs of car repairs a little more bearable and eliminate automobile repair loans altogether.
Warranties for New Cars
A majority of new vehicles are covered by dealer and manufacturer warranties for recall issues or mechanical failures.
Used Car Extended Warranties
Extended warranties for used cars provide some degree of coverage for repairs on these types of vehicles. They can extend existing warranties but could be new warranties for older cars as well.
Collision insurance, while optional for vehicle plans, can be one of the most valuable pieces of coverage you’ll ever buy. After deductibles, collision coverage covers repair costs for the body and mechanical parts of the car if it’s ever in an accident.
Automobile owners would need to find a creditor or lender to borrow the funds needed to fix their cars if they do not have some type of coverage. This is doable in the form of a car repair loan. These are personal loans that, depending on the lender, can be offered either unsecured or secured. Loans that are unsecured are subject to credit checks, but if the loan is secured through some type of financing, the car’s title can be used as collateral. The loan is limited to part of the blue book or current market value of the car, which is called pink slip financing or registration loan or title loan buy out.
Purchasing Used/New Vehicles versus Making Substantial Repairs
Vehicle owners should consider purchasing either a slightly used or new car instead of fixing their current truck or car, depending on the type of repair it may need. It’s recommended that you take several factors into consideration in this type of situation such as:
• The overall cost of the repairs
• The cost of purchasing a used or new vehicle
• How much the current vehicle is worth
If you’re taking into consideration repairs that are more than the value, or equal to the value of your current vehicle, it would make the most sense financially to purchase another vehicle instead of repairing your current one.
Personal Auto Repair Loans
Online loans from LoanTruth can be used for financing the costs of your vehicle repairs. In minutes, you can check your eligibility without your credit score being affected. Personal loan options can be reviewed if you are eligible, and you can select the one that will work with your financial situation. Funds can be sent to your bank account the next business day or even sooner if your loan is approved.
LoanTruth installment loans can help you with car repairs. Fill out our quick application today.