Need engine repair, but not sure about the cost? Repairing (or replacing) an engine can be costly, but there’s hope on the horizon, even if you have bad credit. Read on to learn more.
Need engine repair, but not sure about the cost? Repairing (or replacing) an engine can be costly, but there’s hope on the horizon, even if you have bad credit. Read on to learn more.
An engine is often referred to as the heart of the car, and for a good reason. It provides the power needed to get down the road. If it fails, you could face large repair bills. The good news is that you may be able to use a personal loan designed for bad to low credit to help cover engine repair costs.
In this article, we’ll go over:
Mechanic shops realize that major repairs, like engine repairs or replacements, are often significant, unexpected expenses, so where does that leave you if you have bad credit?
Just because you have bad credit doesn’t mean you can’t get financing for engine repair or replacement. Having an imperfect score doesn’t necessarily keep you from getting approved for auto repair financing.
Since traditional banks and credit unions often use credit history as a gauge of the borrower’s ability to repay, they may decline consumers with bad credit. However, alternatives exist. Some shops may offer financing options or work with payment solution providers for imperfect credit.
There are a range of options to pay for car repairs if you have bad credit. The first one is to find a shop that offers payment plans. Some mechanics may offer in-house financing options.
There are a few downsides to using in-house financing at a mechanic shop, including potentially a short term to repay the loan. Some shops work with traditional banks to offer vehicle repair financing to qualifying borrowers. However, this may require good credit.
Credit cards could also be an option to help cover minor engine repairs, such as spark plugs, ignition coils, or an oil change. However, extensive repairs, like replacing an entire engine, may be too costly to carry on a credit card balance.
Some drivers may turn to car title loans or payday loans to cover costs. This usually involves a loan application process and significant fees. For payday loans specifically, there is a tight timeline to repay the loan, usually within two weeks.
Another alternative is financing options, like the payment solutions offered through American First Finance. They may be able to help cover the cost of auto engine repairs with no credit required.4
A car’s engine is very complex, with lots of moving parts that can fail. One of the decisions you may need to make is whether to fix or replace an engine.
Parts like the water pump, intake assembly, and fuel injectors can be easily repaired. However, critical problems like head gaskets, piston rings, and crank bearings are sometimes just as expensive as replacing the engine.
Replacing the engine may come with additional benefits, like a longer warranty. You may also receive a replacement engine that has fewer miles on it than your existing one. It may be a good idea to ask the repair shop about your options, as well as the pros and cons of each.
Not all repair shops offer auto repair payment solutions, so it’s helpful to ask about your options before choosing an auto repair shop or mechanic. Starting your search with a mechanic or shop you or a family member already trust can be a good starting point.
You may be tempted to take your car to a dealership for repairs, but this isn’t always the best choice. Smaller repair shops sometimes have more flexible payment options, as well as more flexibility with repairs as they can install used or aftermarket parts. Dealerships may utilize OEM, or original equipment manufacturer, parts due to liability concerns, which may limit flexibility around cost.
Before picking a shop, be sure to ask questions like:
Getting answers to these necessary questions before having work done may help alleviate some common challenges before starting repairs.
Need an auto repair shop that offers financing for bad credit? Use our convenient tool1 to locate a shop near you.
Getting your car’s engine fixed doesn’t have to feel like a major financial burden. With payment solutions through American First Finance, you can apply for $300 – $5,000 in auto repair financing.
Getting approved for a bad credit auto repair loan or installment agreement may help reduce the stress of auto repairs and give you some freedom to choose the right repair option for your vehicle.