Things are hard for everyone right now, and the last thing you need is for your automobile to breakdown. We understand all things automotive here at Fountain City Auto Clinic, and one thing we know for certain is that many people hit a snag financially when it comes to expensive auto repairs. This is why we offer our customers flexible payment plans to help them get their car repaired even if they don’t have all of the money up front. Let’s talk more about what you can do if you cannot afford your auto repairs.
Personal Financing
We’re auto mechanics, not bankers, and we don’t mean to brag, but we are the best auto mechanics in Knoxville, Tennessee. There are ways that you can get the money you need to pay for your auto repairs so you can get your car back on the road. Many people approach their banks to see if they can get a personal loan for the amount of the automotive repairs. Credit Karma recommends this option because bank loans come with lower interest rates than alternative financing options.
If you have good credit, you might be able to take out a small loan from your bank or apply for a credit card that has zero interest for a limited time. This allows you to pay off your auto repairs over a span of six months to a year, depending on the credit card terms, without having to pay interest on them. You may also have a low-interest credit card with plenty of balance that would allow you to pay for your auto repairs so you can have your car back running as it should be.
Alternative Financing
There are other financing options that people use every day, but Credit Karma cautions consumers against them. You’ve probably heard of payday loans. These are loans issued by people who don’t do credit checks. Rather, they are almost like going to a pawn shop. You bring your most recent paystubs to the lender and show them your income. They will lend you cash based on that income and take your banking information. You will be required to pay back the loan plus interest on the next payday.
Title loans use your vehicle’s title rather than your paychecks as collateral. The lender takes possession of your title until such time as you pay back the loan. If you fail to do so, the lender will take possession of your automobile. As you can imagine, the interest rates are high on these types of loans and many people get into trouble when they take them out. If you can avoid them, it’s best to do so.
This is why we here at Fountain City Auto Clinic in Knoxville, TN, want to work with you. If your car needs extensive repairs and you’re feeling a financial pinch, give us a call today to discuss some options. We want to get you and your car back out on the road.
