Tips

Can I Finance My Auto Repairs?

You’ve just received bad news. Your vehicle is broken down alright; it’s going to cost more money than you have to fix it. Much more. You need your car. What can you do? There are several ways you can finance your auto repairs, according to Credit Karma. Some of the options are good; others, not so much. Oneway Automotive works with our customers to keep repair costs as low as possible. We also work with West Creek so our customers can finance their auto repairs. That’s one way to get the money you need to fix your car. Here are other car repair financing options.

Credit

If you have a credit card or line of credit that you can use, you can charge your auto repairs. But before you do, Credit Karma recommends you take a long, hard look at the APR rate on the card or line. The reason why people get into serious trouble with credit is that most cards or credit lines come with high percentage rates, meaning you accrue as much as 20 percent or more on your balance each month. If you have good credit, you can look for a card or line that has a low APR or even zero interest for a limited time. This helps you pay off your auto repairs faster.

Loans

Another option to help you pay for your auto repairs is a loan. In this case, your best bet is to take out a loan with a bank or traditional financial institution, but you’ll need good credit to do it. Bank loans have lower interest rates and they’ll let you take longer to pay off the loan. This saves you money in the end. If your credit is poor, however, or you do not have collateral to back up the bank’s loan, you might need to look into alternative financing such as payday loans or borrowing against your vehicle’s title. Credit Karma warns these options should be last resorts because the interest on these loans is unbelievably high and you only have a short time to pay them back before the lender assesses extreme penalties.

If you bring your vehicle into Oneway Automotive in Ardmore, OK, we’ll work with you and your financial situation. As we said above, we’ll do our best to keep the repair costs down and you can apply for West Creek point-of-sale financing at our shop. Contact us to discuss your car problems and schedule an appointment. We get it. You need your car! We’ll do our best to fix it quickly.

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