You’ve just received some bad news. Your European automobile repairs are much more than your budget. What are you going to do? You need your vehicle.
Don’t worry. RSW European Automotive Repair offers two different financing options to our customers to help you spread paying for your auto repairs over time. In addition to what we offer, Credit Karma, a reliable financial website, also advises that there are several ways you can pay for your automobile repairs even if you don’t have the cash on hand.
Bank Loan
If you qualify, Credit Karma suggests that you apply for a personal loan from your bank or credit union. The reason why they recommend this financing option is that it is the safest available to consumers. Bank loans come with the lowest interest rates on the market and offer customers longer payback periods. The caveat is you have to have excellent credit and go through a lengthy approval process in order to secure the loan.
Credit Card
You can also use your credit card to pay for your automotive repairs, but Credit Karma cautions against this if your credit card comes with a high interest rate. Generally, credit card interest rates can be as much as 19 percent or more. This adds a tremendous amount of money to your overall bill as you try to pay it off, not only lengthening the amount of time it takes to pay it off but also increasing the final cost of your auto repairs.
Title Loan
The legality of title loans in New Jersey is questionable, but some alternative financers offer them. Credit Karma warns against title loans unless they are your absolute last option. These loans take the title of your automobile as collateral and come with very high interest rates. The payback duration of a title loan is also much shorter than a bank loan or the financing you can secure through our options. Title loans work for people with bad credit and, again, no other options.
Our Financing Options
We offer financing through two lenders here at our shop, and you can apply for this financing before your automotive service or repair appointment. The first option is Snap! Finance. This financing option is available to people who don’t have any credit or who have poor credit. The application is quick and easy to fill out and you will receive approval almost right away. You have 100 days to pay back the lent money, and you can get approved up to $3,000.
Bosch Service financing also gives you an answer quickly and offers six months to pay back any monies borrowed from $149 or more. This financing gives you low monthly payments so you can work them easily into your budget. You can apply for this financing before you schedule your auto repair appointment with us here at RSW European Automotive Repair in Greenbrook Township, NJ.