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Emergency car repair loans allow drivers with bad credit to get their auto back on the road right away and pay for the work later in installments.
Mechanical breakdowns happen eventually to everyone. If you need money right away to fix your beater, you have at least two places to turn.
Personal loans do not require you to pledge collateral and allow you to pay in monthly installments.
Loans without a credit check either require you to pledge your auto’s equity or work like a small cash advance that you must repay in full within weeks.
Personal Loans for Emergency Car Repairs
Personal loans can help drivers with bad credit to finance emergency auto repairs without pledging an asset as collateral. Personal loans are unsecured, meaning your signature promise to repay backs the obligation, speeding up the approval process.
Request an emergency auto repair loan here. (Affiliate Link) If approved, you could quickly have the money needed to pay the mechanic and get your vehicle back in running order without missing too much time at work.
Unsecured personal loans translate into a speedier process, which is critical during a crisis. You avoid the time-consuming paperwork requirements associated with verifying pledged collateral value, such as the vehicle title or home appraisal.
Accelerate the process by having this information handy when you complete the online web form.
- Income from employment or government benefits
- Employer contact information
- Bank account and routing number
- Verify your identity
- Enable the lender to wire money
- Permit monthly drafting to ensure prompt payment
Emergency car repair financial assistance is the ideal option for drivers with bad credit because you are not borrowing money. Financial hardship improves rather than hampers your ability to qualify for free help from a mechanic.
However, assistance will prove tricky to find during a crisis when speed is of the essence. Therefore, requesting a bad credit personal loan with low monthly payments is often a better alternative.
Drivers with low FICO scores can overcome their adverse payment history and improve their approval odds by compensating in two ways.
- Connect with a vast network of subprime lenders using a single webform
- Demonstrate solid employment and sufficient income to handle payments
Emergency Car Repair Loans No Credit Check
Drivers with lousy credit history sometimes turn to emergency car repair loans without a credit check. You might consider these alternatives if you do not qualify for an unsecured contract.
However, expect to make a tradeoff if you want to finance a repair job without the lender pulling a copy of your consumer report from Equifax, Experian, or TransUnion.
No credit check title loans for car repairs are a popular way to finance a mechanic, garage, or dealer’s work. Because the equity in your auto secures the title loan, the lender can approve your account without pulling a copy of your consumer report or looking at your FICO score.
However, title loans have several drawbacks.
- If your car dies while you still owe money to the bank, you may not qualify because you must have equity in the vehicle to finance this way
- The lender can repossess your vehicle if you fall behind on payments, perhaps making it impossible to commute to work and earn an income
No credit check payday loans are another popular alternative to finance emergency car repairs. The lender might approve your request without pulling a copy of your consumer report or considering your FICO score because they are making a small cash advance secured by your next paycheck.
However, payday loans also have several drawbacks.
- The cash advance amount is often tiny because you must repay the entire balance by your next payday, which may not suffice for expensive repair jobs that cost thousands of dollars
- Engines and cylinders
- Hybrid battery
- Suspension: struts and shocks
- Head gasket
- Catalytic converter
- Borrowing money this way can prove super-expensive if you cannot retire the balance in full by the next payday because roll-over fees add up quickly
Frequently Asked Questions
Scan through this list of frequently asked questions about personal loans for emergency car repairs. It always pays bad credit drivers to be informed and to know the alternatives.
Car Repair Loans do They Exist?
Yes, car repair loans do exist in many forms. Lenders will ask why you need to borrow money, but the reason you give is not the most critical underwriting factor. Your credit score and ability to handle payments carry the most weight.
Does Car Insurance Help with Repairs
Yes, your auto insurance policy might help pay for repairs in three circumstances.
First, a policy could pay for damage caused by accident, provided you have collision coverage. Second, it could honor claims for damage caused by fires, storms, or vandalism if you have comprehensive coverage. Third, it may help with repairs of any type if your policy includes an extended warranty.
Do Dealerships Let you Make Payments on Repairs?
Yes, dealerships and service centers may allow you to make monthly payments on any repair work. However, they will most likely refer you to a third-party finance company that provides the money to the dealer upfront.
You are not getting better terms or greater leniency by waiting until the last second.
What Happens if You Can’t Pay the Mechanic?
If you cannot pay the mechanic, they may not fix your auto or allow you to drive it from the shop after they finish the work. They may hold onto your keys and obtain a mechanics lien, which provides them the legal right to possess your vehicle and perhaps sell it to recoup their expenses.