This year has not been easy. Many people have lost their jobs due to the COVID-19 outbreak and are suffering financially. You love your Cadillac or Corvette and you have a history of babying it so much that your spouse and kids tease you. Unfortunately, things are tight right now, and you cannot afford to get your baby repaired. Credit Karma offers suggestions on how to finance your car repair, some of which help your credit. RB Auto Service is also willing to work with you because you need your baby.
Traditional Financing Options That Can Boost Your Credit Score
If you have good credit already and also possess physical property that can be used as collateral to back a loan, you should consider approaching your bank or credit union for a personal loan. Personal loans can be in any amount you desire (provided the bank doesn’t have a minimum or maximum cap), and they also reflect positively on your credit report if you make your monthly payments on time each month. Interest rates on personal loans are lower than most credit cards and alternative financing options, as well, which means the loan balance is not inflated as much by excessive interest.
Non-Traditional Financing Options That Have No Effect on Your Credit Score
If you have bad credit or your bank would not approve your personal loan for some other reason, all is not lost but it also isn’t great. There are alternative financing options that will give you the cash you need to repair your Caddie or ‘Vette, but these options come with a high price and that is their interest rates. Provided you still have your job, you can apply for a payday loan. Payday lenders do not run a credit check when you apply nor do they require collateral, other than a guarantee you will pay them back plus interest on your next payday. If your Caddie or ‘Vette is paid off, you can also apply for a title loan, but you must use your vehicle’s title as collateral for the loan.
Better yet, RB Auto Service will work with you so you don’t get stuck in payday or title loan vicious circle. We offer financing options to our customers and also accept credit cards. If you have a low interest rate on your card, this might be the way to go. We are Cadillac and Corvette specialists located in Pinellas Park, FL, and you can set up an automotive service appointment by calling 727-430-8750.