Bad Credit Car Repair – Understood
When you’re thinking of getting financing to repair your car there are a few things that you should do beforehand. First, you need to check if you have a warranty included on your car. Sometimes, certain parts are covered since their new car sale, even if it may not have come with a direct warranty when you bought your used car. Additionally, sometimes dealers include warranties as promotional products and so double checking is always helpful. Assuming you don’t qualify for a warranty claim, bad credit car repair loans are an effective tool at your disposal by which you can get some help.
Bad credit Car Repair Through your Dealer
Car repair loans, or mechanical liens can operate in a few different ways. The first way is through your dealer or mechanical repair shop. Bad credit car repair can be a lot easier if your dealer already has a company that they’ve dealt with in the past, since that relationship can streamline the process, and means that the dealer trusts the company to treat their customers right. This process is incredibly simple, similar to getting used car financing, you would fill out an application, along with the information of your vehicle and the estimated repair costs. The company will then, if you are approved have you come sign the contract associated with the loan, and you will get your repair paid for. Afterwards, it is your responsibility to pay for the car repair loan, and any other outstanding balances on the car, or either of the financing companies could repossess your vehicle.
Bad Credit Car Repair Online
If you’re reading this now, then you might be looking for a loan. Well, you’re in luck, we offer loans to clients regardless of their credit situation. We take into account the big picture, as well as the value of your car, and get you approvals that might be tough to get for other lenders. Keep in mind, that the process is very similar to going through your dealer. You fill out an online credit application, we approve you and you’re on your way to driving a working car again. You do of course want to make sure that you have the ability to make payments on the car however since this would qualify as installment type of credit, and will report to your credit bureau. This means that if you miss payments, not only might your car get taken, but you might have a tougher time getting financing in the future. If you do have the capacity to pay, and you are in need of a car, not to worry, even if you are in any of the following situations:
Of course, a bankruptcy is a tough time, and it can make getting financing difficult. However, as long as you have a good reason, Priority Car Financing will consider you for a bad credit car repair loan. Additionally, these types of loans can be a great way of building credit, since you would be showing future creditors that you have the ability to deal with big ticket items and can be trusted with a payment. This is because installment credit can be especially useful after bankruptcy since it is more proactive, and is more weighty than a credit card.
New Credit, New to Canada?
Not to worry, same as with Bankruptcies or bad credit, we consider all types of clients, especially if it’s new credit clients that are trying to build their reputation and build credit for the future. We understand how tough it can be to get a repair loan without any payment history, which is why we have special programs to accommodate your needs and get you back on the road, along with a hopefully better credit score, should you pay of course!
Advantages of Repair Loans to alternatives like Personal Loans
If you’re in a situation where your car has broken down, it can be easy to think that unsecured personal loans could work for your situation, but there are a few reasons why you should consider mechanical liens more productive in many cases. First, they might offer lower rates since they are securitized on an asset (that being your car) – that means that you’ll pay less in interest and it will also lower your payment, making it easier to afford both your repair loan and the car loan that sometimes accompanies it from before. This brings me to the next idea, increased terms. Clients that get bad credit car repair loans can get access to specific programs that tailor to your financial needs. As such, you can get longer terms that make affording the loan much less straining on your pocketbook, and thus less likely for you to ruin your credit score.
If you are in need of this type of financing, then it’s great knowing you have a lot of options. However, before proceeding with anything, make sure that you are happy with the repair estimate that your mechanic is giving you. It can be easy to get caught up in low payments and forget the upfront cost. Make sure that you can afford any loan you get involved in, since a mistake can make it much harder to get financing in the future and could lose you your car!