Ways to Finance Auto Repairs

Not everyone has money lying around and an auto repair can seriously set them back. Thankfully, there are options to help people pay for automotive repairs so they can get their vehicles back on the road. Whether a person should finance an auto repair is entirely up to them and their financial situation. Auto mechanics, such as Trinity Auto Care, can only fix the car, not provide financial advice. For those who seek financing for an auto repair bill, here are common options available to qualified lendees.


Credit cards and lines of credit can often be used to pay for auto repair bills but the interest might make this option less desirable. One thing to watch out for when “charging it” is high APRs or Annual Percentage Rates. The higher the rate, the more you’ll pay for the repair, so look for low-interest options if you have good credit. Some cards offer zero-percent APR for a year to qualified customers. This gives consumers a way to finance the repair and time to pay off the auto repair bill only without added interest.


Those with credit issues will do better to take the loan route most likely because credit card companies love to stick high-interest rates on cards or lines issued to people with poor credit. If your credit is horrible, you may do just as well to ask a family member or friend to help you finance your auto repair, as your loan options will be limited and, in some cases, dangerous to your budget. If you aren’t comfortable doing this, there are loans available to people depending on their credit score.

Those with healthy credit can approach their bank or other financial institution for a personal loan. This loan will come with monthly interest, but the interest rates aren’t as high as they are on credit cards generally. You will be expected to make monthly payments on the loan and you may be asked to provide collateral to back up the loan. This is normal. It’s just like taking out your car loan where your car is used as collateral should you default on the payments.

For those with poor credit, payday and title loans are an option but not a good one. A payday lender gives you money until your next payday, at which time the money lent plus exorbitant interest is due in full. A title loan borrows money against your vehicle and can only be secured if the title is in your name. In this case, the lender takes possession of your vehicle title and does not give it back until the loan is paid off. Again, interest rates for this loan type are extreme.

Trinity Auto Care in White Bear Lake, MN, understands car repairs can be expensive and we work tirelessly to make them as affordable as possible. Call us today at 651-369-6449.


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