On average, a new engine costs between $4,000 to $10,000, which most people won’t be able to afford on short notice. However, a car is essential, so you need to find the money from somewhere. The question is, how can you finance car repairs?
This guide from Delaware Title Loans, Inc. will go over the cost of replacing your engine. We will explain how an emergency car repair loan, such as a title loan, can help you afford auto repairs on short notice to stay on the road.
Understanding The Cost Of Engine Replacements
Many factors can influence the cost of replacing your engine, including the type of car you have and what type of engine you need. Knowing the factors that affect the price of engine replacements will allow you to accurately estimate your specific costs, ultimately helping you choose the best funding option.
The following are the factors that can influence the cost of your engine replacement:
- Make and model — Higher-end vehicles typically come with more expensive engines. If you own a luxury car, you will pay more for an engine replacement.
- New or used — As you can imagine, new engines cost more than used engines. You have three options when choosing an engine. These are:
- Brand new engine — While a new engine is the most expensive option, it will give you peace of mind knowing it's free from problems. It should also last longer than the subsequent options.
- Engine overhaul — If your engine is faulty but still contains some properly functioning parts, a qualified mechanic might be able to disassemble it, replace the broken components, and rebuild it. This won't cost as much as purchasing and fitting a brand-new engine.
- Used engine — This is the cheapest option and is advisable if you don't plan to keep the car long. It is a short-term, cheaper option. It won't provide the same longevity as a new one, and you will need to enlist the help of a professional to select the right one.
- Warranty — Engines with longer warranties cost more than those with short coverages.
- Mechanic qualifications — Experienced mechanics charge more than those newer to the industry.
Financing Auto Repairs: 3 Emergency Car Repair Loans
Considering the variables affecting the replacement cost, it's time to answer your "Can you finance car repairs" question once and for all. You can finance auto repairs through emergency car repair loans.
They're quick and convenient, allowing you to get your car on the road again as fast as possible. Some even provide engine financing with no credit check, ensuring you don't need to worry about less-than-stellar credit histories to acquire them.
The following are three emergency car repair loans to fund auto repairs today:
1. Traditional Bank Loans
When thinking of an emergency car repair loan to replace an engine, one of the first options you may think about is a bank loan. Traditional banking institutions offer personal loans to help you afford urgent financial emergencies that arise without warning.
However, traditional bank loans require borrowers to prove their creditworthiness. To get approved for emergency cash, borrowers must have a credit score over 700. They also have a long list of requirements, and the approval process can take weeks.
Most borrowers don’t have the time to wait to fund their engine replacement. If you need quicker options that don’t require good credit, the emergency cash loans below may be a better option for you.
2. Signature Installment Loans
Signature installment loans are unsecured personal loans that require nothing except your signature and a promise to repay it. Unlike other personal loans, they're offered by non-traditional lenders, like Delaware Title Loans Inc.
With our signature installment loans, you can get up to $1,250 to cover part of your engine replacement cost. All you need is your driver's license (or another form of state-issued identification, proof of income (i.e., your most recent pay stub), and a checking account statement in your name.
The process of getting approved for a signature installment loan in Delaware takes less than a day. You can receive your rapid cash in less than one business day to pay for engine replacements quickly. You will repay your Delaware installment loan in fixed installment payments over the course of a couple of months.
3. Title Loans
Title loans are another quick emergency car repair loan option. If you have fully paid off your car, you can use your lien-free car title to borrow up to $15,000, helping you cover the total cost of your engine replacement.
Keep in mind that the amount you can gain approval for depends on the value of your vehicle — the more it's worth, the more you can borrow. Due to this, you must own your car outright to qualify for the loan.
Other than your vehicle, you will need a state-issued ID and a lien-free title to be approved. We require a lien-free title as we place a lien on it to secure the loan. If you already have one in place, we won't be able to do this.
The following are some of the distinct benefits of title loans for affording engine replacement:
- You do not need a specific credit score to qualify, allowing you to get engine financing with no credit check
- You can keep your vehicle and use it as normal while you're repaying the loan
- You can get approved in less than one day
- You can receive your rapid cash the same day or the next business day
The Approval Process For Title Loans And Signature Installment Loans
Do you need cash today to help with an urgent engine replacement? Delaware Title Loans, Inc. can help with our fast cash emergency loans that let you get approved the same day you apply. You can easily start the process online and get approved in person in less than 30 minutes.
The process for getting approval for title loans and signature installment loans is essentially the same. Both allow for same-day approval after just a few easy steps.
The following is how to get approved for signature installment loans and title loans in Delaware:
- Fill out our online contact form with your basic information
- Discuss emergency loan details over the phone with a loan representative
- Bring your required items to the in-person meeting at one of our Delaware store locations
- Allow a loan associate to verify you meet the requirements for your loan
- If you are getting a title loan, let the loan rep inspect your car for its value
- If approved, sign paperwork to complete the loan process
- Receive your auto repair cash the same day or the next business day
Get An Emergency Car Repair Loan From Delaware Title Loans, Inc. Today!
An emergency repair loan like a title loan or signature installment loan can get you the cash you desperately need to stay on the road. Start our simple and straightforward approval process today to get the emergency funds you need ASAP. Our simple online form lets you easily begin the process, and our loan agents can walk you through all you need to get approved today.
Ready to get engine financing with no credit check? Fund your engine replacement today by filling out our online inquiry form or calling us directly.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
