OneMain Financial: How to Pay for an Expensive Car Repair
NEW YORK, March 27, 2023 (Newswire.com) - OneMain Financial: No one likes to have their car break down or need repairs, especially when they come at an unexpected expense. Most car repairs can be expensive and cause a person to worry about how they will pay for them. It doesn't have to be a difficult decision if they know their options beforehand.
There are a few ways to finance a car repair that best fits a budget and lifestyle, including an emergency loan. This article will discuss how to afford those hefty car repairs.
Don't put off minor repairs
Small problems can become big problems if left unchecked. That's particularly true with automobiles. That annoying tick or hum could lead to a much larger issue. Unfortunately, many people tend to ignore the problem, which can lead to major mechanical failures in the future.
This is the scenario where the most expensive car repairs are often required. Failing to replace a worn-out ball bearing could lead to axle and tire damage, which leaves the car owner with no choice but to get the repair done. Driving around in a vehicle that is in dire need of mechanical attention can also lead to the possibility of an accident, which is what a person should avoid at all costs. The only question at that point is where to find the money to make things right.
Getting a loan for expensive car repairs
These days the easiest way to apply for a personal loan is online. Applications are simple to fill out, and many lenders provide a pre-approval option where they don't do a deep dive into the consumer's credit report. That eliminates the need for a premature "hard inquiry" hit on the consumer's credit score yet gives the consumer sufficient information to compare lenders.
Once the individual chooses a lender, the next step is to submit a complete application which will ask for more details about income, employment, and living situation, that is, whether they rent or own their dwelling. The applicant must also provide their Social Security number and upload valid identification and tax forms.
Instant approval is not guaranteed, but some online lenders may approve a personal loan application within minutes. Funds transfers can happen in as little as twenty-four hours, with same-day transfers possible if the application is approved early enough in the day and a method for disbursing and receiving the loan proceeds is available for such quick funding. These factors vary by lender, as do terms and conditions, so be sure to research this carefully.
Specifically, searching online for a loan for car repair expenses might not provide a full range of available options. Loans for this type of expense are typically personal installment loans, which are part of a much broader category. They can also classify as emergency loans. Using both or more search terms should produce a good-sized list of banks, credit unions, and online lenders.
The Bottom Line
The best way to avoid expensive car repairs is to keep up with general maintenance and fix small problems when they arise. It may be annoying to check out the car's little creaks and groans, but they could be a sign that something major is about to happen. If it does, a personal loan for auto repair might be the best option to get it fixed.
SPONSORED CONTENT
About OneMain Financial
OneMain Financial is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans.
Notice: Information provided in this article is for information purposes only and does not necessarily reflect the views of [publisher] or its employees. Please be sure to consult your financial advisor about your financial circumstances and options. This site may receive compensation from advertisers for links to third-party websites.
Source: OneMain Financial