J&M Auto Service never want our customers to experience the helpless feeling that they cannot afford their automotive repairs. Repairs happen and sometimes those repairs are expensive. We work with Synchrony Financial and SNAP! Finance to help our customers get the money they need to pay for their auto repairs. There are other options as well, according to Credit Karma. Some are good and some are bad. Here is what they are so you can make the best decision for you.
Bank Financing
Good credit? Established relationship with your bank? Solid job? Collateral? If you answered yes to all of these things, you might qualify for a personal loan through your bank to help pay for your automotive repairs. Personal loans are for anything personal, such as automotive repairs or debt consolidation. The good thing about a bank loan is it comes from a trusted and FDIC-insured institution, and you will usually reap the benefits of lower interest rates and longer payoff terms.
Credit
Many consumers tap into their credit, such as credit cards or lines of credit, to pay for their automotive repairs, and this is a good option provided you have a low APR rate and plenty of money to pay back the charge or draw quickly. The longer it takes to pay off a charge or draw the more money you’ll pay. This is why Credit Karma recommends shopping for credit. If you have a high credit score and low debt-to-income ratio, you might find a card or line with a zero APR and easy payback terms.
Cash Advances
If you’ve heard bad things about cash advances they are, unfortunately, true. Payday and title lenders prey on consumers with bad credit because these consumers fear they don’t have any other lending options. These lenders will give you the money for your auto repair bill, but it’ll cost as much as two-to-three times to pay them back. You’ll have to agree to short payback terms and if you don’t pay back a title loan, the lender will take possession of your vehicle. Avoid these auto repair financing options at all costs if you can. If you can’t, do your research to find the least painful and oppressive option.
Located in Tea, SD, J&M Auto Service can work with you and your auto repair bill. We understand some people do not have the bandwidth to handle an unanticipated expense. Call us today at 605-777-7736 for preventative maintenance or automotive repair.