Don’t cancel your Thanksgiving weekend plans because your car needs repairs. You can finance the repairs and get your automobile back on the road safe and reliable. Scotty’s Automotive Service, LLC, works with two auto repair financers so our customers needn’t go without their vehicles when they can’t afford to have them repaired. There are other options, as well, according to Credit Karma that will help you secure the money you need to get your car, truck, or SUV fixed and ready to go.
It’s better to secure a low-interest loan if you have the credit score and collateral to do so. Banks, credit unions, and other traditional financial institutions offer personal loans to their customers that carry lower interest rates and longer payback periods than alternative financers. The caveat is you must have a good credit score, own collateral to back up the loan, have a good debt-to-income ratio, and be willing to go through an extensive loan application and approval process. It’s worth it for the low interest.
Not everyone has an excellent credit score and collateral, which is why alternative financing has become so popular in the United States. The problem with alternative financing, warns Credit Karma, is that the lenders assess very high interest rates and don’t give you a lot of time to pay the money back. For example, if you take out a payday loan to repair your car, you’ll be expected to pay the money plus interest back on the following payday. Many people can’t do this and get stuck with added penalties.
Another option is to use a credit card or line of credit, but these, too, can have high interest rates. The average interest rate on credit cards is between 17 percent and 18 percent, and the longer you take to pay off the balance, the more interest you accrue. If you have good credit, you might be able to apply for a new card that has a temporary no-interest period, such as six months. This gives you time to pay off your car repairs only and not any additional monies attached to the card as interest payments.
You can also check with Scotty’s Automotive Service, LLC, in Montague, NJ. Our customers can apply for credit through NAPA EasyPay or Snap! Finance. This allows you to get your car repaired before Thanksgiving so you can count on it during the congested holiday travel. Call us to schedule an auto repair appointment.