The Repair Costs & Loan Options For Car Maintenance

Car repairing and maintenance requirements can cost you an arm and a leg. According to research, car owners pay approximately $100,000 to own a car. That’s not the only payment. In fact, you are supposed to pay for the car maintenance which can cost anywhere between $600 and $700 annually. This amount does not involve the tire replacement cost, which is around $600.

If you are planning to hire a mechanic to get your car serviced and repaired, you must check the repairing cost on the CRCRE (Consumer Reports Care Repair Estimator). This report will help you find the right amount for car repair services. If this is too much of a hassle for you, you can just turn to SG1 Auto Pte Ltd for wonderful car maintenance services at lower than market pricing.

Are you searching for the right financing options for your car repair and maintenance requirements? Nothing can be more frustrating for customers than having a car that doesn’t function properly. You can choose a traded endowment plan to finance the automobile repairing services. Here are some other financing options.

Apply For Personal Loans

An unsecured personal loan is a great option for your car repair requirements. You can get personal loans at a credit union or bank. However, money lenders can provide you with fast approval loans. In fact, you can get the loan amount within a few hours. If you want to fix the car damage quickly, then money lenders can make a perfect option.

Personal loans come with a fixed interest rate, which means the market conditions cannot affect the repayment plan or interest. You get to choose the length of time available for repayment. Do take note that the sooner you pay the debt off, the lower the interest you have to pay.

Pay for Car Repairing Services Using Credit Card

Credit cards are another financing option for your car purchase or maintenance. Nowadays, most of the car shops accept payments through credit cards. If you have a good credit score i.e. above 650, you can apply for a new credit card to finance the car repairing services. Usually, credit card companies provide the users with an introductory interest-free offer which can last up to six months or a year. During this time, you are charged 0% interest for the loan amount.

If you manage to pay the loan off during this offer, you won’t have to pay interest at all. It is important to note that the interest rate on credit card multiplies after the grace period. You must only use a credit card for car repairing and maintenance payment if you’re sure you can repay the entire loan within the given duration. Also, this financing option is only available for people with a good credit score. Sure, there are credit card companies that allow the loan to the low credit score borrowers. But they will charge you with a super high-interest rate.

All in all, you must search for approved debt consolidation companies that offer easy approval loans. You can opt for an equity term loan or credit cards for a flexible repayment plan. However, consider all the terms and conditions of the lender before applying for a loan. Check and compare the interest rates of various money lenders and pick the most reliable one.