People are struggling right now and we here at Star Motors European want to make sure that you can get your car fixed if you need to get it fixed. If things are tight, we offer financing for auto service and repairs through Bosch Finance and EasyPay Finance. You can apply for financing through one of these options or choose any of the options discussed by Credit Karma listed below.
Bank Loan
Credit Karma recommends a bank loan first because these loans come with low-interest rates and extended payback durations. If you are in good standing with your bank and have good credit, you can apply for a personal loan to cover your European automobile’s repairs. Aside from good credit, you also need collateral to back any bank-funded financing. Depending on your bank, it may take up to 30 days to get approval and funding.
Credit Card
If you are tempted to put your car repairs on your credit card, take a look at your most recent statement first. If your credit card has a percentage rate that is 10 percent or higher, you’re opening yourself up to an impossible payback situation as the high interest will leave you paying nothing but interest in your minimum monthly payment. If you have good credit and you can secure a new credit card with a very low monthly interest rate, this is a better idea.
Payday Loan
Some people have bad credit or no credit at all, and they cannot secure a bank loan or credit card. In this case, Credit Karma discusses the option of a payday loan. This is money borrowed against your paycheck. You will be given a percentage of cash without a credit check but you will be expected to pay that cash back plus exorbitant interest on your next payday. Many people fall into a trap with these loans because they can’t pay them back.
Title Loan
Another option is a vehicle title loan. In this case, if you own your European automobile, you can borrow money against its title. To get the cash, you must turn over your vehicle’s title to the lender. You will not get the title back until such time as you have paid off the loan plus its interest, which, as in the case with payday loans, tends to be exorbitant. This could leave you in danger of losing your automobile.
Located in beautiful San Juan Capistrano CA Star Motors European would be happy to work with you and your car repairs. As we said above, we offer two financing options, both of which you can apply for before you bring your vehicle to us for the repairs.
