Auto Repair Financing
If you depend on your Mazda to get around on a daily basis, you need to make sure it’s always in good working condition. You can keep your car running smoothly by servicing it regularly and repairing it when necessary. However, auto maintenance and repair services can sometimes get beyond your financial means. In such a situation, you may want to consider applying for an auto service or repair loan. Follow this guide to determine if auto repair and service financing is the right option for you.
What Is an Auto Repair or Service Loan?
An auto repair or service loan is financing you can apply for if you need to get your vehicle repaired and don’t have enough money on hand. If you’re approved for this type of loan, you’ll receive a lump sum of money that allows you to service or fix your Mazda quickly. You can use the funds for any purpose related to the maintenance of your car, from replacing tires to fixing an engine problem.
In return, you have to pay off your loan by making monthly payments over a specified amount of time. Besides paying back the amount you borrow, you’re also required to pay interest, which may vary from one lender to another.
Why Should You Get Auto Repair or Service Financing?
Auto service or repair financing is becoming an increasingly popular option among vehicle owners because it offers many benefits, including:
- Quick access to auto repair and maintenance services: If you don’t have enough cash, you may find yourself waiting for weeks or months to repair or service your Mazda. On the other hand, if you manage to secure an auto service or repair loan, you can get your car back on the road in as little as a few hours.
- Proper budget management: Getting auto financing for auto repair and maintenance services enables you to pay monthly installments to fix your vehicle instead of paying all at once. As such, you’ll be able to manage your budget more easily over time.
- No credit check in most cases: If you’re using your car as collateral, your lender will most likely not run a credit check on you. This means you can secure an auto repair or service loan even if you have poor or no credit.
- Relatively quick application: Securing auto financing to service or repair your vehicle is usually more straightforward and easier than getting other types of loans. Many lenders accept loan applications online. All you have to do is complete and submit a short form with basic information about yourself, and you’ll get a response from the lender soon after, usually in less than one hour.
Types of Auto Repair or Service Loans
If you decide to get a loan to pay for your car repair and maintenance costs, you have to choose the type of financing that suits your situation. Learn about the following types of loans to make a better-informed decision.
- Online personal loans: Also known as personal installment loans, online personal loans are a preferred option because of their quick application, easy approval, and flexibility. Many online lenders offer this type of auto loan for maintenance and repair services. Most of them require no upfront fees and accept borrowers with poor credit.
- Bank loans: Under the right circumstances, obtaining a loan from a bank can be very beneficial. For example, if you have an impressive credit score and don’t need your vehicle repaired in a hurry, you can get very competitive interest rates. If you have bad credit, you may have a hard time getting a bank loan. Loan applications at a bank are often complicated and time-consuming. Even if your application is approved, you’ll likely have to wait for a week or more before the funds arrive in your bank account.
- Payday loans: Unless it’s truly necessary to repair or service your vehicle as soon as possible, you should avoid taking a payday loan. This type of loan requires you to repay the amount you borrow with your next paycheck. It typically comes with an extremely high interest rate and large fees for missed payments.
- Auto title loans: These loans are similar to payday loans in that they’re secured loans. If you get an auto title loan, you’re required to hand over your vehicle’s title to your lender. This means your lender has the right to repossess your car if you fail to pay off your loan by the agreed deadline. In addition, you may need to pay a high interest rate.
- Financing plan of an auto service and repair center: Depending on the type of repair or maintenance service you need, you may be able to obtain financing from your local auto service and repair center. This type of loan can come in the form of an in-house payment plan that allows you to pay for parts and services in installments or financing from a third-party lender.
Get Fast Auto Repair and Service Financing from Hiley Mazda of Fort Worth
If you’re planning to service or repair your Mazda in the Fort Worth area, consider taking it to Hiley Mazda. We have a state-of-the-art auto service and repair center, factory-trained technicians, and genuine Mazda parts to meet all your maintenance and repair needs. If you need help to pay for service or repair costs, we provide easy and convenient financing through our partnership with DigniFi, a leading online auto repair loan provider. Here are some benefits of using DigniFi:
- Quick application process: Fill out a four-question online application form and get an instant decision.
- Flexible payment options: Choose a payment timeline that perfectly suits your schedule.
- Affordable payments: Enjoy competitive interest rates and low loan payments.
- Convenient payment: Set up automatic payments to save time and avoid late payments.
- Ninety-day interest waiver: Pay zero interest if you fully repay your loan within 90 days.
We offer top-notch auto maintenance and repair services and quick financing to help you get your Mazda back on the road as soon as possible. Contact us today to learn more about our DigniFi financing program.