It is a very common thing that people don’t like to hear the words “repair costs” and others from their car mechanic, but they have to because they have given their car for repair. And, one of the most obvious things, car cost and maintenance is unavoidable expenses that seldom pops up. Also, it is not possible for people to keep their cars in good shape and avoid repairs. Sometimes it becomes a necessity that cannot be avoided. Sometimes it also becomes expensive to repair the cars. As per the AAA survey, the average cost of a common car repair is $500 to $600, with other major repairs going upwards of $1,000 or more. Besides that, there are 1 out of 3 drivers who find it difficult to pay the car repair costs. Even if the required repair is the result of a car accident and is covered by your car insurance, still the drivers are required to pay a deductible of $500, depending on the coverage.
Payment Plans for Auto Repair
So, the big question that lurks around is: how do you pay for a car repair if you have not saved the money? The first and foremost thing that you are supposed to do is save money for repairs. Take the quote first and shop around, or choose a second repair shop, as the case may be. You can also try bargaining or negotiating for a lower price. But still, you will need other options for paying for a car repair. Here are some auto repair payment plans for you that you can use and pay for the car repair without any money. Let us take a look at it.
Option of a Personal Loan
Going into a personal loan to pay for car repairs is one of the simplest ways to pay the mechanic right away and spread out your payment over time. You can choose a lender if you are applying for a personal loan. Choose lenders who can provide you with funds quickly, such as Slick Cash Loan. Where you can get same-day loans and pay for your car repair instantly.
Financing by Mechanic:
It is also known as “mechanic financing,” in which some of the mechanics will partner with the lenders and offer their own financing choices to the car owners. It can be a branded store credit card, or it can also be a car repair payment plan in the form of a personal loan from its lending partner. They will offer you interest-free financing for some months, which will be good if you pay off the loan or the credit card prior to the expiration of the introductory period. If you take a long time to pay it back, then some of the rates may go higher and you will be required to pay interest that has accrued since the original date of the car repair loan.
Major car repair shops accept credit cards for car repairs. If you have available credit, you can use a credit card or a card combination to pay for the repairs. It is also not a good idea to max out your credit card without any means to pay the balance off quickly. If you’re looking for or considering opening a new credit card for car repairs, look for one with a low APR or one that offers rewards. Emergency funds are other ways of paying for a car repair loan.