Can I Get Car Repair Financing?

If you’ve been pushing off a much-needed repair in Sharon due to financial constraints, car repair financing can be a great way to get your vehicle back in gear. When your car has a mechanical issue, it tends to get worse – and more expensive – with time. That’s why car repair financing can be such a valuable investment. Find out what you need to know about the financing process, and learn how to get the ball rolling at Shenango Honda.

What is Car Repair Financing?

Let’s start with the basics: What is car repair financing? Car repair financing is a way to cover the cost of automotive services, usually in the form of a secured or unsecured personal loan. The loan takes care of the initial payment, and then the customer repays the loan in installments while the car is used as collateral. This can be a huge help to those who encounter unexpected expenses in Hubbard and Mercer, and car repair financing with bad credit can save drivers from losing their vehicles entirely.  

Consider car repair financing if you don’t have the following to fall back on:

• New car warranties
• Extended and used car warranties
• Collision insurance

Should I Opt for Car Repair Financing?

Getting car repair financing with bad credit can be a huge lifeline, but like any other financing decision, it’s important to weigh the pros and cons carefully. Be sure to ask yourself the following questions before you make the commitment.

• How much is your car worth right now? 
• What would it cost to buy a new or used car? 
• What are the overall costs associated with the required repairs? 

In some cases, the price of buying another vehicle is less than the cost of repairs. If that’s the case, you might find that replacing your car is a better financial decision than investing in a loan.

Car Repair Financing for Bad Credit

While car repair financing is available to all customers, securing affordable car repair financing for bad credit can take more work. Typically, customers with bad credit can expect to pay higher interest rates from the lender. This can still help you secure the financing that you need, but it’s important to think about your options though – including downsizing to something more affordable.

Get Expert Financial Help at Shenango Honda

Now you know the purpose of car repair financing, but is it right for you? The financial experts at Shenango Honda would love to help you, so contact us today. You can also stop by our dealership in Hermitage to chat with our team in person!