Car Repair Loans
Car repair loans are a type of loan that are used for car repairs. Borrowers who are in need of an emergency car repair so that they can use their vehicles to get to work sometimes seek out car repair loans online, especially when they are strapped for the immediate funds to be able to afford the repair or have bad credit. There are a few different lending products available that can assist borrowers that are looking for car repair loans and the types of loans available vary by lender so be sure that you explore your options thoroughly when considering applying for a car repair loan.
What can you use a car repair loan for?
That depends on which loan type you qualify for. Many of the lenders working with Personal Money Network do not require that you identify why you are requesting the loan and allow you to direct the funds as you see fit. Some auto repair loans are geared specifically toward getting a car repair. In the case of a car repair loan, it might be possible to use the money for new tires for your vehicle or other maintenance related expenses. If you choose to use a short-term loan, you can often spend the money how you like without concern for the lender telling you what has to be done with the money.
Can I apply for a car repair loan online?
Requesting a car repair loan online is easy with Personal Money Network’s innovative online form. This only takes a few minutes. Have your identification and other financial details ready, including the number of a checking account that is in good standing. Many of the lenders working with Personal Money Network are capable of providing direct deposits of your loan amount after approval, so this last step is important in order to avoid any confusion or difficulties with the deposit. Once you have submitted your request, Personal Money Network submits your claim to the network of direct lenders working with us. This improves your chances of receiving a near instant decision over requesting a loan with one lender at a time. Because the process for requesting a loan through the lenders working with Personal Money Network takes place online, it is often faster than working with a traditional bank because there is no need to wait for a letter to arrive in the mail to tell you if you have been approved.
How can I get a good deal on my repair?
It’s stressful to look for a reputable mechanic to work on your car. Particularly when you are in an emergency situation and need your car repair done fast. In order to make sure that you are working with a good shop, be sure to get estimates from at least three different shops. Also, check local newspapers and magazines for shops that offer discounts to locals. Some shops offer discounts if you visit their website. Another option is checking with a local vocational school to see if they can assess your vehicle and do the repair. This may save you some money and it helps students prepare for their future careers. Also be sure to check with your car insurance provider for recommendations for shops that they work with, as this might be one possible avenue of finding a reputable shop for your repair.
How do I qualify for a car repair loan?
For best results, be sure that you fill out the form completely and accurately. Any incorrect information may slow down the approval process and then it will take longer for you to receive a decision on your application. Customer service representatives may be required to resolve any issues with your application by phone so be careful to provide information that is as accurate as possible. Having a good credit score could also help you an achieve an approval after reviewing your information, but it is not the only means by which you may qualify. Be sure that you apply during a regular business day during normal banking hours to receive the fastest possible approval decision. When you have received an approval, you will be sent to a page where your contract can be reviewed. Be sure to read this contract carefully and pay close attention to the fine print. If you have bad credit, this is especially important so that you understand the repayment terms of your agreement.
Also, when considering requesting a loan it is important to consider your reasons for requesting the loan. Car repairs are one of the common reasons that borrowers seek to request loans online. The reason that you are borrowing the money is important for you to consider because making considered financial decisions is important when you have poor credit.
Can I get a car repair loan with no credit check or instant approval?
“No credit check” and “instant approval” are terms that you should be wary of. They are marketing terms used to entice borrowers to purchase loans from one company over choosing another. The truth is that there is no such thing as a “no credit check” loan. Every lender performs some kind of credit check, but that doesn’t mean that you can’t qualify for a loan with one of the lenders working with Personal Money Network even if you have bad credit. Because these lenders work in smaller dollar amounts of $1,000 or less, there could be less risk involved when lending to high risk borrowers. That means they are able to be more flexible when making decisions regarding loan approval. The term “instant approval” has a similar issue. No lender approves loans without reviewing the application and putting the request through an approval process. This means that they do not give you a concrete approval without careful review. However, there are “instant decisions” which are an indicator of whether you might ultimately receive an approval. Many of the lenders working with Personal Money Network offer instant decisions, so you will have an idea of whether you have been approved fast.
What if I need to borrow more, or need a longer repayment term?
If you need borrow more than $1,000 or need a longer repayment term, ask your lender about installment loans. This is a lending product that allows you to borrow a larger amount of money over a longer period of time. You will receive a payment schedule as well as your interest rate along with the terms of your agreement so be sure that you review this carefully so that there is no confusion about repaying your loan within the term. The terms of these agreements vary by lender, so speak directly to your lender once you have received an approval from them to determine what options you may qualify for.