Transmission repairs can be expensive, especially if you have to have the transmission rebuilt or replaced. J&M Auto Service works with Snap! Finance to help our customers get the financing they need for their transmission repairs. Things are tight for people, especially over the last two years. This is why financing can be a lifesaver for those suffering who need their automobiles. Aside from Snap! Finance, you may also be eligible for the following traditional and alternative financing options.
Traditional Financing
According to financial experts Credit Karma, your best bet is to opt for traditional financing if you qualify for it. This type of financing has the lowest interest rates and the longest payback periods. Examples of traditional financing include personal loans issued by banks and credit unions and credit cards or lines of credit. If you have an excellent relationship with your bank, you can approach them for a personal loan to see if they will approve it. These loans do require an excellent credit score as well as collateral to back up the financing.
Those with excellent credit can also apply for a credit card that has temporary zero-percent financing. This gives you the opportunity to pay off the charge before there are any additional finance charges applied to the balance. If you already have a credit card, it’s better to check the monthly interest rate before using it for your transmission repairs. Credit Karma cautions consumers that the average interest rate on a credit card is anywhere from 15 percent to 20 percent. This can make paying off your transmission repairs impossible.
Alternative Financing
Not everyone has excellent credit, and there are alternative financing options that recognize this. The problem with these options is extremely high interest rates and short payback periods. For example, if you take out a payday loan to pay for your transmission repairs, you will need to pay the full balance and the interest out of your next paycheck. If you are already having financial problems that prevent you from having the money for your transmission repairs, paying back the payday loan can be nearly impossible to fulfill.
Another alternative financing option is a title loan that uses the title of your automobile as collateral for the financing. Obviously, this type of loan can be dangerous if you can’t pay it back right away. The lender will use the title of your automobile to take possession of it.
J&M Auto Service is the best auto service shop in Tea, SD, so call us today if you are having problems with your vehicle’s automatic or manual transmission. As we mentioned above, we work with Snap! Finance to help our customers pay for their transmission repairs.