• Types of auto loans for people with bad credit

    by  • June 16, 2013 • Personal Finance • 0 Comments

    Everyone that has owned an automobile knows how expensive it can get. Whether you have been in a car accident, or are trying to repair an old car and get it on the road- there are multiple loan options for car repairs. Here are some of your best options when it comes to repair loans, lenders, and banks.

    eTitleLoan

    One of the online lenders that you can get a car repair loan from is called eTitleLoan. The minimum amount of money that you can receive is 500 USD, and the maximum amount of money is 15,000 USD. Factors that will impact the amount that you are eligible for includes the year, make, model, and mileage. The biggest benefit of receiving a car repair from eTitleLoan is that they do not require a credit check. This can be especially important for people who need to repair their cars in order to find a job or go back to work. It can be difficult to build up your credit score and/or history if are currently unable to operate your vehicle or it needs repairs.

    Personal private loans

    automobileIf you are someone with a solid credit history and/or score, you might want to consider a personal private loan. A drawback of this type of loan is that it is hard to qualify for. You will have to have a solid financial history and/or credit score in order to be eligible. The benefit is that you can use the money for whatever you need.

    Just Military Loans

    Just Military Loans provides car repair loans to people who have served in the military. Some of the factors that will impact the interest rate on your loan include the state in which you are living in, how much money you are applying for, and what type of housing that you live in.

    Cash Advance Loan

    If you are someone who has a job, you might be able to receive a cash advance loan. The amount of money that you can apply for depends on the amount of your pay check. Before you apply for a cash advance loan, you want to make sure that you understand what you are getting yourself into. These types of loans are notorious for high interest rates and outrageous fees and/or penalties. However, it can be a valuable option for someone who has a job and needs to get their automobile on the road as soon as possible.

    Other options for financing car repairs

    Credit cards

    You can also put the car repair charges onto a credit card. One of the benefits of using a credit card is that you will be able to pay off the balance and then use the allotted amount again. This can be important for people who will need financial assistance for their car repairs in the future. A drawback of using a credit card over obtaining a loan is that the interest rates are extremely high. Most banks and lenders also attached penalties and fees to your credit card contract.

    About

    Raymond is a retired banker from Michigan where he lives with his wife.

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