Can I Get Car Repair Financing?

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If you’re short on cash, you may be putting off crucial vehicle repairs. This can lead to more costly repairs down the road, and it can also be unsafe to drive your vehicle under certain conditions. Fortunately, there is another option to postpone those repairs. Have you been wondering, “Can I get car repair financing?” The answer is yes! Learn the basics of car repair financing with the experts at Bayer Auto Group.

What is Car Repair Financing?

Car repair financing, or auto repair loans, are designed to help you cover the cost of vehicle repairs. Some programs help to eliminate the need for an auto repair loan, which include:

  • New car warranties
  • Extended and used car warranties
  • Collision insurance

However, if you’re not covered by one of the programs above, expenses like damage from an accident or replacing malfunctioning parts can hit your finances hard.

Car repair financing can help to alleviate some of that financial stress. Car repair loans are usually personal loans. Whether they are secured or unsecured can vary by lender. If the loan is secured, the vehicle’s title will likely be used as collateral. A credit check is usually required to obtain a car repair loan.

Should I Opt for Car Repair Financing?

Before deciding on car repair financing, there are a few things that Brownwood area drivers should consider before making a final decision:

  • How much is your car worth right now?
  • What would it cost to buy a new or used car?
  • What are the overall costs associated with the required repairs?

If the costs of the repairs are similar to what it would cost to purchase a new or used car, it may be more advantageous to replace your current vehicle.

Car Repair Financing for Bad Credit

If your credit score is not where you want it to be, you may be wondering if car repair financing is an option for you. While it is possible, it can be hard to get car repair financing with bad credit. If you can get auto repair financing, expect to pay a high-interest rate on the funds you borrow from the lender.

Our Finance Experts are Here for You

If you have any questions regarding car financing in the Abilene area, the team at Bayer Auto Group would gladly assist you. Stop by today, or contact us at your convenience.

 

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