How Car Repair Loans Work
For many of us, our car is our lifeline. We use it for everything: travelling to and from work, picking the kids up from school, getting the groceries, and many other daily activities.
Unfortunately, sometimes our cars let us down and need to be fixed.
Being hit with an unexpected car repair bill can be devastating, especially if you’re just making ends meet as it is.
The good news is that a Loansmart car repair loan can help you get back on the road without breaking the bank.
Car repairs are getting more expensive
According to the AA, even ‘simple’ car repairs are costing a lot more than they used to*.
This is because new technology has made cars more complicated, requiring more time and parts to repair.
For example, replacing a bumper on older cars typically costs up to $1,000, but on newer models, it can cost more than $3,000 due to things like in-built sensors and special protection coating which require specialist repair work.
Windscreens also cost a lot more than they used to, due to additional calibration required for driver-assist technology.
While having a newer model car can be lovely to drive, they come with the potential for a costly repair bill when something goes wrong.
Even simple repairs can quickly amount to more than $1,000.
If you don’t have an emergency fund for situations like this, getting a car repair loan could be the best way to get moving again.
How to get a car repair loan with bad credit
If you need to get your car fixed urgently but you have a bad credit score, there’s no need to turn to a high-cost payday lender to get back on the road.
People with bad credit often turn to high-cost lenders – with interest rates of more than 50% per annum – but Loansmart can give you low-cost options.
Bad credit isn’t a dead end for us. We’ve helped lots of people with poor credit scores get loans after other lenders turned them down. Learn more about getting a bad credit loan.
What if you already have other loans?
If you’ve already borrowed money from other lenders, you can easily consolidate your debts into one loan with Loansmart.
A debt consolidation loan can save you a lot of money in repayments by bringing your loans together under one low-interest rate.
If you need car repairs done urgently but already have loans, talk to the experts at Loansmart. We provide smarter loans at low cost with no hassle, so you can get on with the most important things in life. Loansmart has a help section on how you can get on top of debt. Check it out, it’s jam packed with lots of helpful tips on improving your score, and how to get the best debt consolidation loan.
The great thing about Loansmart is you don’t have to jump through hoops just to get a loan – we take care of all that for you.
Our online application takes just 3 minutes. Our team will give you a call to get some more information, and then we put your loan application in front of 11 different lenders to get you the best deal.
We then present you with some options and you pick the best one for you. Easy!
*Source: AA Insurance https://www.aainsurance.co.nz/newsroom/press-releases/price-of-hi-tech-cars