What can you do if you cannot afford your automotive repairs? If this is the case, you are caught in a truly vicious circle. You need your car to work, but you can’t drive your car until it’s repaired. If you can’t drive your car, you can’t go to work, and you can’t pay for your car repairs if you can’t work. First, don’t panic. Padron Automotive provides affordable automotive repair services in Topeka. Second, there are some financing options that can help pay for your automotive repairs. You just need to pick the best one for you and your current financial situation.
Good Credit? Call Your Bank
Bank personal loans are a good option for those with high credit scores and low debt-to-income ratios. Usually, if your credit rocks and you’re financially responsible, your bank or another FDIC-insured institution will give you a personal loan to pay for your automotive repairs. The personal loan should come with a low interest rate so you don’t end up paying twice as much for your car repairs. You may also spread the payments over an extended time to help reduce your monthly obligation to the bank.
This works well for many individuals, as they borrow what they need and then pay it back slowly. You might also consider charging your auto repairs on your credit card but do some research first. Check to see what your APR is attached to your credit card. If it’s high, such as 15 percent to 20 percent, you need to find another financing option unless you feel you can pay back the charge within 30 days. Those with good credit can get zero-percent APRs, which gives you on average six months to pay back the charge.
Bad Credit? Cash Advances Work
If you have horrible credit or a high debt-to-income ratio, you may be left with no alternative other than to take out a payday or title loan. Credit Karma warns, however, that these options are a last resort. See if you can borrow the money from a trusted family member or friend first because payday and title loans come with very high-interest rates and hardly any time at all to pay them back. What could start as a $200 car repair bill could end up costing you $600 in the end, so avoid cash advances if possible.
Call Padron Automotive in Topeka, KS, to schedule your car repairs. We work with SNAP! Finance, which is a financing option for those with good or bad credit.
