Few things are worse than your car breaking down when you are suffering financially. Even the smallest of repairs can still be too expensive for your budget. We get that here at West Omaha Auto Service, which is why we work with our customers to make their automobile repairs as affordable as possible. Financial website Credit Karma also offers financial advice for those who need a loan. Here are some of the ways they suggest you can get your auto repair financing squared away.
Traditional Financing
Traditional financing is the way people have always been able to get things financed. You walk into your bank and apply for a personal loan. If your bank won’t give it to you, perhaps another bank or credit union will. To apply for the loan, you must provide proof of your income, have good credit, have an asset to back up the financing, and be willing to go through a loan application process that could take 30 days or more. You may wonder why people put themselves through this, but the answer is simple. Traditional bank loans offer the lowest interest rates available to consumers and they give you more time to pay back the money you borrowed.
Untraditional Financing
Not everyone can walk into a bank and apply for a loan, however, especially if they have bad credit. It might not even be that your credit is bad; you may not have any credit at all. In either case, the bank is not going to give you a personal loan, and you’re left seeking your financing elsewhere. You can take out a payday loan, but these loans often get consumers into trouble, which is why they are illegal in some states. You borrow money against your next paycheck and must pay the loan back plus interest from that paycheck. This can be hard if you’re already struggling financially.
A title loan is another alternative financing method. If you own your car, you can turn the title over to the lender for the money you need to get your car fixed. This loan comes with high-interest rates and short payback periods, and you could lose your car if you can’t pay it back. A payday loan or a title loan should be your last resort. In some cases, if you can afford the payments, it would be better to put your auto repairs on a credit card. Just use a card with the lowest interest possible.
There is one more way. West Omaha Auto Service is located in West Omaha, NE, and our mission is to provide the best auto service in town. We offer EasyPay Finance to help our customers apply for the money they need to get their automobiles fixed and back on the road.