Things to know about Auto Repair Loans with Bad Credit
Did the mechanic just let you know that you need to replace something in your car? Is your car starting to make strange sounds or just not running at all? Finding out that you need to repair your automobile is never the news that anyone wants to hear. Being low on funds and also having a bad credit score can only seem to make matters worse, however there is a light at the end of the tunnel. The good news is that it is possible to get an auto repair loan with bad credit! Getting an auto repair loan with bad credit can help to get you back on the road in no time! So buckle up and let’s discuss the things to know about auto repair loans with bad credit.
When it comes to auto repair loans with bad credit, a personal loan is usually the best option to go with if you do not have an emergency savings account to fall back on. An auto repair loan with bad credit can provide you with the funds you desperately need very quickly, in most cases between 1 to 3 business days. To make things even easier, most lenders will directly deposit the funds for your approved loan directly into your bank account. Most personal loans are unsecured, meaning no collateral is required from you in order to take out an auto repair loan with bad credit.
With no collateral requirements, auto repair loans with bad credit will instead have high interest rates to protect against default. High interest rates are to be expected when having a bad credit score. Some lenders offer no prepayment penalties which allows you to pay off your loan faster and save money in interest. The interest rate, loan amount, and loan payments for auto repair loans with bad credit will widely vary based on what your actual credit score is as well as your credit history.
When looking into getting an auto repair loan with bad credit, it is best to compare the rates of multiple lenders to ensure you are getting the best rate possible. All loan companies operate differently and have their own set of requirements, so be sure to do your homework and ask as many questions as you can when applying for an auto repair loan with bad credit.
At 60monthloans, Inc., we require a minimum FICO score of 550 in order to qualify for auto repair loans with bad credit. 60monthloans, Inc. also offers unsecured personal loans for auto repair loans with bad credit, so no need to worry about putting the car you are trying to repair up for collateral! Apply for an auto repair loan with bad credit at 60monthloans.com and enjoy the peace of mind knowing we only do a soft credit check when reviewing your credit score, so you will have no hard inquiry to your credit report! If you are interested to find out if you qualify for an auto repair loan with bad credit, go to 60monthloans.com and complete an application today!