Let’s face it – your car is pretty important to your day-to-day life. Not only does it get you to and from work, but having a vehicle allows you to get your errands done in a timely fashion and even helps in having a social life. For all the above reasons, it’s pretty clear that your car needs to stay in good working order. However, what happens if your car needs urgent repairs, you don’t have the money up front and worst of all – you’re dealing with bad credit? An unsecured installment loan for bad credit may be your best bet. No Credit Check Auto Repair Loans, really? When it comes to urgent need of car repairs, many individuals get caught up with no credit check loans. These types of loans are obtained through providers who don’t perform a deep credit check in order to evaluate your credit report. However, the truth of the matter is that these no credit check auto repair loans are misleading and unreliable. A credit analysis is performed in order to reduce the risk of loss for the provider and all authentic short term loans will require a sort of evaluation, be it a soft or hard credit check. Ultimately, requesting and obtaining funds for auto repair with bad credit is quite possible. In most cases, providers focus on your income rather than your credit score. Overall, it’s very important to have proof of steady income. Furthermore, it is also possible to look into different programs that help reduce the cost of major car auto repairs, hence eliminating the need for an automobile repair loan. A few such possible programs include: 1. Accident Insurance Although an accident insurance is optional for most car insurance programs, obtaining one can be rather beneficial. Such an insurance covers the cost of repairing your car damage, whatever it may be, as long as the damage originates from a collision. In this scenario, one only needs to pay the deductible. 2. New Vehicle Guarantee Generally speaking, a new vehicle is usually covered by both manufacturer and dealer warranties. Such warranties cover mechanical issues and recall problems. This type of program is usually based on distance travelled with vehicle or a certain number of months. 3. Used and Extended Vehicle Guarantees This type of guarantee is set out to cover used vehicles, providing limited coverage for specific auto repairs. Such a program can extend a pre-existing warranty however, they can also be provided as a new guarantee on an used vehicle. Finding Good Deals on Car Repairs As earlier mentioned, your car is high up on your needs list and having it repaired as quickly as possible is important. However, don’t rush and choose the first garage you see to have your car fixed. In general, you want to obtain a minimum of 3 different estimates stemming from different credible locations. You can express that you are comparing prices and question any possible rebates. When it comes to having repairs done that are covered by your insurance company, the damage will be evaluated and you will be compensated accordingly. Generally speaking, your insurance company is obliged to let you choose where your vehicle is repaired. If the price in a garage still appears out of budget, then you can always look into technical or vocational programs near you. If the school uses vehicles for instructing their students, then it may be possible to work out a deal to have your car used in their classroom. In most cases, you are only charged for parts. Still though, it is important to beware of what schools you choose to work with. Be hesitant of any school that mentions waiving your deductible – this isn’t usually legal. Although it doesn’t necessarily mean unethical business, its reason enough to be weary. On the other hand, many companies will jack up the price of repair estimates to obtain more money from insurance or will install inadequate parts on your vehicle in order to make up for the money they’ve saved you. Use Credit Wisely A credit card is a last and plausible option, especially if you don’t have friends or family that are willing to lend you money interest-free.
In fact, a credit card can be quite beneficial when it comes to auto repairs, especially if your credit provider offers a guarantee against poor repairs. Although you will probably end up paying interest when using your credit card, many individuals assume that such a cost is worth having their car back in working order. If you are choosing to go the credit card route, make sure you’ve previously worked out a repayment budget. Although using your credit card can be a good idea, requesting credit card cash advances is not. Cash advances are attached to high interest rates and don’t offer purchase protection. More so, the interest charges are applied on day one of the transaction while with a regular credit purchase, you’re provided with a grace period of approximately 21 days prior to being charged interest. Source: How to Finance Car Repairs with Bad Credit from Achievefinance.com La section commentaire est fermée.
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