Having something go wrong with your car is never a good experience. Not only is having to repair your car inconvenient, but repairs are often expensive. If you don't have an extended warranty on your car or enough money in the bank, you can consider financing the repairs. Let's take a look at how you can get an easy auto repair loan and what Hiley Buick GMC of Forth Worth can do for you to get you back on the road.
Auto Repair Payment Options
According to a study by AAA, people spend nearly $1,200 per year on car repairs. Coming up with that kind of money is often challenging. Unless you have cash set aside for car repairs, you'll have to find another way to get the money. Here are a few common ways that people pay for car repairs when they don't have enough cash:
- Credit cards: You can pay for service and repairs immediately with a credit card, but most cards have high interest rates, meaning it could take a long time to pay off the debt.
- Payday loans: With payday loans, you pay back the loan with your next paycheck. Often, payday loans have exorbitant interest rates, so if you can't pay back the loan with your next paycheck, you could face a large amount of debt.
- Personal loans: If your credit score is bad, you may not get approved for a loan, or you could get a loan with higher interest rates. Additionally, it can take up to a week for the loan to make it to your account. If you need to get urgent repairs, a personal loan may not be a feasible option.
- Auto repair loans: Certain companies only give out loans for auto repair and service. Generally, these companies have a fast application process and work with you on budget, loan amount, and repayment options. At Hiley Buick GMC, we work exclusively with DigniFi to help you get back on the road as soon as possible.
Steps To Take Before Applying for an Auto Repair Loan
Here are two steps you should take before you apply for an auto repair loan:
Determine Your Budget
When you take out a loan, it's important that you can make the monthly payments for the agreed amount and term. Missing payments increase interest rates and can harm your credit score. Carefully go over your budget to determine the amount of money you can realistically repay each month.
Check Your Credit Score
Before you apply for an auto repair loan, it's wise to know what you're credit score is. Generally, the better you're credit score, the better loan terms you'll receive. When credit card companies check your score, it's usually considered a hard pull that goes against your overall credit score.
Another option is to apply for a loan that uses a soft pull, which doesn't get reported to the credit bureaus and won't affect your credit score. When you use our online free Credit Score Estimator, the inquiry doesn't go to the bureaus. With the information you get from our estimator, you'll have a better idea of the loan terms you can expect.
Apply With DigniFi Finance
A simple, fast way to get auto loans for repairs and servicing is by applying for a loan through DigniFi Financing. At Hiley Buick GMC of Forth Worth, we've partnered with DigniFi to make the repair and finance process simple. The entire application process is online, and you'll receive an answer within seconds as to whether you qualify for the loan.
Once approved, you give DigniFi some information about your vehicle. Next, you'll select how much money you'll need for the loan, set up a payment plan, and then e-sign the loan documents. DigniFi offers loans from $350 to $7,500 depending on your application results. If your repair or service costs more than the loan you can take out, one of our representatives at Hiley will help you work out the details. DigniFi immediately sends the funds to us, and you'll make monthly payments to DigniFi.
You can use a DigniFi loan for any service or repair your car needs, such as:
- Replacing your tires.
- Performing basic and necessary services, like alignments and oil changes.
- Purchasing and installing new parts, like radiators and transmissions.
- Repairing damage from an accident.
- Covering an insurance deductible.
Benefits of a DigniFi Loan
There are several reasons to apply for a loan with DigniFi, including:
- Great reputation: DigniFi is a member of the FDIC, and its loans are secure. DigniFi safeguards all of your personal information to comply with federal privacy laws.
- Excellent customer service: At any step in the loan process or during the term of the loan, the customer service representatives are available to answer any questions.
- Private, secure account: You'll have an online account that you can sign into any time to review and manage your loan.
- Easy application process: The process takes only four steps, and you complete it all online. You don't need to deal with mountains of papers when you apply with DigniFi.
- Instant decision: As soon as you submit your application, you'll get a decision that shows you if you qualify and how much you qualify for. Our representatives at Hiley also receive an email, so we'll also know if you're approved instantly. That means you can apply while your car is still at our service center.
- Flexible terms: DigniFi works with you on your repayment terms. Interest rates are based on your credit history. Additionally, if you can pay the total amount of the loan off within 90 days, there's zero interest on the loan.
- No pre-payment penalties: if you do pay your loan off within the 90-day period, you won't get charged any pre-payment penalties.
If your car needs repairs or service and you need quick, secure financing, don't hesitate to call our professional team at Hiley Buick GMC of Forth Worth today. We're here to help, and we look forward to speaking with you.