How can you pay for car repairs with no money? Or where to get quick money for car repair? No one is protected from unforeseen circumstances. It often happens that an unplanned event can unsettle us. To make this happen with minimal losses, both physical strength and morale, MFIs have created different types of loans and conditions for them.
Minimum package of documents or additional income statement? Or maybe a surety or a pledge of your own car will turn out to be a convenient option for you? (while the vehicle remains at your complete disposal). The combination of different parameters will lead to even more favorable loan conditions than it might seem at first glance.
The easiest and fastest way to get all the answers you need is to call qualified loan officers who will be able to select the best conditions for your particular situation. Thus, you can make repairs to the car without a penny in your pocket. A car loan will help you cope with an unforeseen situation. Or even a small 300 dollar loan could be handy.
Also, use the calculator to pre-calculate the conditions of the loan: the repayment period, the desired loan amount, the required package of documents. Thus, from the very beginning, it is easy to navigate the amount of the monthly payment.
For many modern citizens, cars have long been not just a means of transportation but the main tool for earning money. Their breakdown is fraught with downtime. But cars, as a rule, fail at the most inopportune moment, especially when the money to repair them may not be at hand. To solve this problem, you can take an interest-free loan on the card, repair the car and pay off the debt during the grace period.
Where Can I Get An Urgent Car Repair Loan?
There are several options where you can quickly get money to repair a vehicle. This can be a bank, non-bank organization, or individuals. Each of these options has both pros and cons.
Bank Car Loan
Banks mainly issue large consumer loans to buy a car. At the same time, the bank will not give small loans for the repair or replacement of spare parts. The only option is to take a cash loan.
If the opportunity to take a loan with a large amount from the bank is a benefit, while the registration procedure is the disadvantage. Banking institutions issue loans to customers requiring them to provide a full package of documents:
- Income statement;
- Availability of liquid assets;
- A number of other references are on demand.
In addition, the borrower must be of legal age, with a good credit history, and have at least a few hours in stock, since the registration process takes a lot of time.
Loan in a Non-Banking Organization
Microfinance organizations (MFIs) offer borrowers the opportunity to take out a loan without interest for a small amount for a short period. Such organizations require a minimum number of documents from clients.
Who Can Get A Loan at 0 Percentage?
Such a loan can be issued online in 15-30 minutes, and the money will be credited to the card after the approval of the application. Basic requirements for the borrower:
- 18 years;
- Passport and TIN (or their scanned copies);
- No credit history;
- No collateral or surety.
Microcredit can also be obtained at a pawnshop where, besides a passport, it is necessary to provide liquid property on security.
Loans From Individuals
You can borrow money from friends or relatives. But it is worth remembering that this ends in a quarrel if the debt is not repaid within the agreed period.
Features of Interest-Free Loans
An interest-free car repair loan is issued in the same way as any other loan. The client visits the website of the credit institution, draws up an application, indicating in it:
- Valid personal data;
- Passport data;
- Personal phone number;
- A valid personal bank card number.
After that, in the shortest possible time, the application is processed, and the money is credited to the account. Moreover, all this is done online.
How to Get an Interest-Free Loan Correctly?
You should carefully approach the choice of a credit institution, use the services of only licensed companies. Before applying for a loan, read the reviews about the company and carefully read the loan agreement.
Benefits of an Interest-Free Loan
A loan at 0 percent for car repairs is profitable with a minimum overpayment for using credit funds. The borrower can choose a microfinance organization on the most favorable terms. Using the loan selection service, the client can indicate the required amount and loan term, as well as choose the most favorable conditions.
Interest-Free Loan Terms
In fact, no MFI will be able to get a loan at 0 percent on the card. An interest-free loan most often means a rate of 0.01% per day which is why such loans are usually called interest-free. The overpayment in this case will be minimal.
Payment Terms With Car Dealerships
Many car dealerships are willing to let you enter into a payment agreement with them if you cannot pay off a car repair. This means that they will allow you to pay for car repairs in installments rather than straight away. If you have serious expenses on car repairs, they may even allow you to pay a little upfront in exchange for recurring payments later.
You can even arrange an in-kind exchange of services, especially if you have professional skills that might be useful. You may offer skills such as landscaping, tax preparation, or tattooing.
Very few franchised car dealerships are willing to do this including most new car dealerships. However, local mechanics may wish to establish a deferred payment or some arrangement.
Credit Card Coverage
Online lenders are always open-minded about their borrower’s monetary dilemmas, such as how to pay for car repairs without money. You can pay all car expenses with a credit card if you have a good credit rating. And then take out a credit card consolidation loan if it is not enough or you are having difficulty paying off the amount for your car repair.
Unexpected Car Insurance
Many people just pay for the minimum liability insurance but some have additional coverage that they don’t even know they have. If in an accident you collide with an object or cause a crash, you will need collision insurance to cover it. If your car has been damaged as a result of a criminal act or natural disaster (for example, a tree branch fell through the windshield), then comprehensive insurance will cover the damage and you do not need to worry about paying for the car repairs in installments even if you do not have the money to pay.