Emergency car repair loans do exactly what they say on the tin — fund unexpected repairs to your vehicle when needed. But with so many different types available, it can be tricky to know which ones are the best for you.
Therefore, we'll go over the most popular types below to help make your mind up!
Kinds Of Emergency Car Repair Loans
1. Personal Loan
The first type of emergency car repair loans you can try is a personal loan. You get a lump sum of cash that you can then put towards repairs. Then, you pay it back across fixed monthly repayments according to a pre-agreed plan.
There are so many types of personal loans out there. Be sure to pick one with attractive terms. Comparison websites can help make them easier to filter through.
2. Credit Card
Credit cards are perhaps the most flexible option when it comes to emergency car repair loans, especially if you already have one! They allow you to borrow as much as you need (up to your card's limit, of course).
Since it's hard to estimate precisely how much your car repair will cost, a credit card can make sense. Not to mention that some even offer cashback rewards or points to spend in your favorite shops.
3. Mechanic's Financing
Many car mechanics and garages offer car repair financing that lets you pay them for their services over a few months. While some terms can be less than appealing, larger repair shops likely partner with lenders offering 0% introductory APR. Of course, before jumping headfirst into a payment plan like this, ensure you read the terms and conditions thoroughly.
4. Signature Installment Loans
A signature installment loan is a "good faith" borrowing option. You don't need to supply collateral; you simply sign documents, hand over some personal information, and promise to repay it. At Delaware Title Loans, Inc., you can borrow up to $1,500 to use as emergency car repair loans, allowing you to fund the work as quickly as possible.
All you need is the following to get a signature installment loan:
- Driver's license or another form of state-issued photo identification
- Checking account statement from an active account in your name
- Proof of income (i.e., your most recent pay stub)
Just keep in mind that you may need a decent credit score to be eligible.
5. Emergency Fund
An emergency fund is a pot of money you set aside to cover unforeseen expenses such as car repairs. The extra cash allows you to give yourself emergency car repair loans without taking on another financial obligation.
Ideally, you should store your fund in a high-interest savings account, so your money makes even more cash over time. However, if you haven't built up a big enough fund, you can always turn to the final option on our list.
6. Car Title Loan Online
If you have another vehicle, you can use to finance the repairs of another, a car title loan online is an option. With Delaware Title Loans, Inc., you can get between $300 and $15,000, depending on the value of your vehicle.
Some people can even get a title loan by using the damaged vehicle. However, this significantly impacts the amount you're able to borrow because its condition is assessed when determining your qualifiable amount.
To get one of these loans from Delaware Title Loans, Inc., all you need to do is follow the steps below:
- Complete the form found on this website. It sends your information directly to your closest Delaware Title Loans, Inc. storefront.
- Wait for one of our loan associates to give you a call. They discuss the process, answer your questions, and tell you about the required items. You also choose whether you'd rather meet at the store or a more convenient location.
- Wherever you decide to meet, head there with your driver's license (or another form of state-issued identification), lien-free title to your vehicle, and your vehicle.
- Sit down with one of our expert loan associates. They'll review your documents and quickly evaluate your vehicle to decide how much you qualify for.
- If you do gain approval, you receive the money you need on the same or the very next bank working day.
Get A Car Title Loan Online Today With Delaware Title Loans, Inc.!
Using car title loans in Delaware as emergency car repair loans is easy and convenient. Plus, they only impact your financial climate for a short time.
Once you have everything you need (i.e., driver's license, lien-free title to your vehicle, and your car, truck, or van), start the process by submitting our quick online form. One of our team members will be in touch shortly to discuss the process, clear up any concerns, and fund your repairs on the same or very next business day.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
