Car repair loans
A car repair loan is a personal installment loan used to cover an unexpected auto-repair bill: transmission rebuild, engine work, accident damage uncovered by insurance, or a major brake job. Funds are deposited to your checking account so you can pay the mechanic and get back on the road.
Why apply here.
- 01Cover transmission, engine, brakes, suspension, body work, or storm damage
- 02Loan amounts from $300 to $15,000
- 03Fixed APRs typically 12.99% to 35.99%
- 04Decision in minutes, funding as fast as the next business day
- 05Often cheaper than the mechanic's in-house financing offer
About this loan.
Is a personal loan cheaper than financing through the repair shop?+
Often yes. Repair-shop financing routinely runs at 25% to 30% APR with deferred-interest traps. A personal loan from a direct lender, especially for borrowers with fair-or-better credit, frequently comes in lower. Compare the loan agreement APR side-by-side with the shop's offer before signing either.
Should I use a credit card instead?+
If you can pay it off within 30 days, a card is fine. If repayment will stretch beyond a billing cycle or two, the typical 20%+ credit-card APR makes a personal loan cheaper over the life of the debt.
Can I use the loan for a down payment on a replacement car?+
Yes, though if the repair is uneconomical and you're replacing the vehicle, an auto loan secured by the new car will usually carry a lower APR than an unsecured personal loan.
How fast can I get the money?+
After you accept and e-sign an offer, funds are typically deposited via ACH the next business day. Some lenders offer same-day funding for an additional fee.