Imagine it. You are driving along on your familiar commute to work and all of a sudden you hear a strange noise and see steam coming from the engine of your car. Limping to the shoulder of the road, you call the tow truck out to pick you up (charge: $175) and later the garage gives you an estimate to repair your car (charge: $1800) that you simply cannot afford.
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You have no credit card that you can charge the amount to. You have no money in savings to cover the repair costs. What on earth can you do? If you are or have been in this situation, then you definitely know what desperation feels like. Thank goodness that there are loans for folks like you: car repair loans. And yes, they (car repair loans) do exist and are lifesavers for hard working people who need assistance to repair and maintain their vehicles so that they can make it back and forth to work, take their kids to school, and all of the dozens of other tasks that you need your car for.
Car Repair Loans For Vehicles Without Warranties
A huge number of cars out there on the road are no longer covered by a factory warranty or dealer warranty, which means that their owners are totally at the mercy of the mechanic or garage when a problem arises and the car needs to be repaired. Car repairs including parts and labor for even what seems to be a simple problem can add up to thousands of dollars easily.
And if you are like most people, you depend on your car to get you from Point A to Point B, making our car a very important part of your life. Fortunately for those borrowers who have very little money to make the needed repairs and who do not have an option to borrow money fast, a car repair loan is available that even those with less than perfect credit can apply for and be approved for fast.
Car Repair Loan Based On Your Assets
While many of the more traditional lenders and lending institutions may refuse credit to those who have had a troubled credit history, those private lenders that are offering car repair loans do not base your ability to repay them solely on your credit score; these lenders base your ability to repay them on the assets that you own (including your car).
Car repair loan servicers also want to see that you have adequate and gainful employment in order to repay them. This makes a car repair loan available to a huge audience of borrowers, including those with a history of bad credit, no credit, bankruptcy, repossession, and other credit problems.
Car Repair Loans For Trucks and SUVs, Too
The car repair loan is not limited solely to those borrowers who drive a car. It can also cover repairs that you need to make to your truck, SUV, or other vehicle. You must, however, be the owner of the vehicle that is in need of repair and be able to show the car repair loan servicer a title or registration for the vehicle.