There’s nothing as awful as the feeling you get when you head out to go to work and your car won’t start.
Particularly if you have only one vehicle for your family, a breakdown or an accident that puts your car out of commission can represent a major hardship. Why not get a title loan for car repair?!
In doing so, you’ll get the money that you absolutely need quick and simple! A title loan can do wonders in those desperate times of need and personal emergencies!
Simply leaving the car inoperable isn’t usually an option – after all, without your car, you may not be able to get to work in order to make the money to fix it, an ironic circle that many of us know too well. But if your budget or savings account can’t cover the repair costs, there are a few types of car repair loans that can help. In addition to considering personal loans from friends and family, many auto title loan companies offer solutions that could be the perfect way to get your car fixed and back on the road.
A car repair loan, one of our many loan types, is a special type of loan that some title loan for car repair companies offers. These loans are designed specifically to cover the cost of repairs to a vehicle. As such, they typically come with a few restrictions, which make them different from a standard car title loan. Those may be:
Read more about loans for maintenance expenses from https://www.investopedia.com/terms/m/maintenance-expenses.asp.
Most of the other requirements for auto repair loans are the same as how a car title loan works. This means that a borrower will have to have the vehicle’s clear title in their name, and a valid driver’s license. In some cases, the type of auto insurance the borrower carries, their income history, and the age of the car can also make a difference.
Whether you are trying to decide whether you should get a title loan for car repair, do it very quickly because your vehicle just broke down, or you are trying to come up with a backup plan because you don’t want to experience the stress of scrambling for cash if a breakdown or accident happens, it’s always much easier when you can easily compare the pros and cons of a specific option. Auto repair loans from car title lenders do have may pros, and a few cons, that every smart borrower should consider. Pros include:
Often, the application and approval process can be completed within a single day, which is great news if you need your vehicle ASAP for work, school, or essential errands. With one last trip to a trusted car title loan lender, you could have a car repair loan ready to take back to the repair shop and get your car fixed in no time.
In fact, many car title lenders don’t do a credit check or score inquiry, which is good news, as a single inquiry can be counted against a lower credit score.
Once your car has been fixed, you can start using it again right away. Simply pay off the car repair loan according to the terms of the loan, and you will keep your vehicle.
This means that you can actually borrow as much as you need in order to get your vehicle repaired, and not worry about how you’ll come up with the rest of the cost.
If a car repair loan is not an option in your area, you may find that some auto title lenders will offer standard car title loan specifically for repairs. These loans will probably require an inspection of the vehicle in person. Why? This is to assess its value. But, some title lenders may simply use Kelley Blue Book or other online services to determine value. Using a standard car title loan for car repair instead of a car repair loan will likely only be a little bit different. The key things to keep in mind include:
Other than these two differences, using a car title loan for auto repairs will probably be very similar to using a car repair loan from a title lender. The requirements, benefits, and possible negative considerations are the same. These types of loans are often one of the few options available to those who don’t have perfect credit, and who need money fast to cover repairs right away.
It’s important to check your state’s laws regarding title loans. Some states, such as California, limit the number of fees that a title lender can charge on a loan. Other states limit the interest rate or require that title loans be a minimum amount to be classified. This is done separately from small loans. Knowing the basic laws of your state can help you choose the best title lender. It will also help you decide who will either offer you a great auto title loan for your vehicle. Or, a car repair loan to cover the cost of getting your car in working order again!
Read more about title loans from https://en.wikipedia.org/wiki/Title_loan.
Have both a car repair loan and an auto title loan option? Is the title lender you have chosen is extending either to help you cover the cost of vehicle repairs? Then which you choose depends largely on your circumstances. Consumers should probably choose a car repair loan if:
The biggest reason why a borrower should choose a car repair loan? To keep their loan as small as possible. When you borrow less money, you’ll have less to pay back overall. Interest rates may be the same, but when calculated on a smaller amount, the interest will be less.
Need to cover the cost of other damages done when your car was damaged? A standard auto title loan may be a better choice for your repairs. If the lender is willing to loan based on the car’s repaired value? You may find that the higher amount can help you cover bills from missed work. Or, until you can get your car back in working order! Whichever you choose, be sure that you work with a reputable title lender for your auto title or car repair loan.
Getting a title loan in a time of personal emergency is tough. And, understandably, being strapped for cash can be a grueling and stressful experience! Not true with TFC Title Loans! We have well over 25+ years in the industry! TFC also has the ability to lend a helping hand to customers of all credit levels! We’re the best option when you need those emergency funds! With our quick and easy online title loans application process, you’ll receive the funds you need in absolutely no time!