Can I Get Car Repair Financing?

Man Rotating Tires

If you’ve been putting off some necessary vehicle repairs because you can’t cover the costs at the moment, you may be thinking: “Can I get car repair financing?” Lynn and Newburyport drivers can certainly opt for car repair financing, even if they don’t have the best credit score, to ensure you won’t have to compromise. Learn more about how car repair financing can help you keep moving at Honda North.

What Is Car Repair Financing?

Car repair financing, or auto repair loans, is a financing plan that helps drivers cover the cost of their vehicle repairs. This is normally a personal loan; whether it is secured or unsecured can vary greatly on the lender. Drivers are also required to submit a credit check, and if a loan is secured then the vehicle title is used as collateral. Additional programs to avoid needing an auto repair loan include new car warranties, extended and used car warranties, and collision insurance, but if you’re not covered by any of these, further accident or replacement costs can hit your finances hard.

Should I Opt for Car Repair Financing?

Before you choose financing to cover your vehicle repairs, you may explore your other options as it may be more beneficial to purchase a new or used car if your repair costs are too much. Ask yourself these questions before making your decision:

  • How much is your car worth right now?
  • What would it cost to buy a new or used car?
  • What are the overall costs associated with the required repairs?

Car Repair Financing for Bad Credit

If you’re searching for car repair financing, bad credit can be a hurdle to get over, but it is still possible to get car repair financing. While it is much easier to get with a higher credit score, just prepare yourself to pay a slightly higher interest rate on the funds you borrow from the lender.

Find More Financial Assistance at Honda North

Now that you know more about car repair financing, you can check out more finance features such as how can you get financing with bad credithow many miles tires last, and what guaranteed car financing means. You can always count on our finance department to be here to answer your questions and find a plan that fits your budget. Contact us today to learn more or to schedule an appointment at our dealership near Ipswich!

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