Car Repair Loans: How to Pay for Repairs When Cash Is Short
When your car is how you get to work, a repair bill can't wait. The average major repair can easily run over $1,000. Here's how to pay for car repairs quickly without derailing your budget.
- $1,800 at 24.99% APR over 18 months is about $121 a month.
- Get a second estimate and check warranties before you borrow.
- Installment loans work at any repair shop and fund as soon as tomorrow.
What does a car repair loan cost?
A car repair loan is usually an emergency or personal loan. For example, $1,800 for a transmission repair at 24.99% APR over 18 months is about $121 a month, with roughly $377 in total interest.
Ways to pay for car repairs
| Option | Pros | Cons |
|---|---|---|
| Installment loan | Fast funding, fixed payments, any shop | Interest cost, possible fee |
| Shop financing | Arranged at the counter | Only at participating shops; promo rates can jump |
| Credit card | Instant | High variable APR |
| Emergency savings | No interest | Many households don't have enough |
Before you borrow: 4 ways to cut the bill
- Get a second estimate. Prices for the same job can vary a lot between shops.
- Ask about used or aftermarket parts. They can cost much less than new factory parts.
- Prioritize safety repairs. Fix brakes and tires first; some items can wait.
- Check your warranty. Powertrain warranties and recalls may cover the repair.
Can you get a car repair loan with bad credit?
Yes. Fast Loan Advance considers every credit type and looks at your income and banking history. A smaller amount and a shorter term improve your odds. Read how to get an emergency loan with bad credit.
How fast can you get repair money?
Approved funds can arrive as soon as the next business day, so you can pay the shop directly from your account. Many shops will hold your car for a day or two once you confirm the repair.
Get repair money now or estimate a payment in the calculator.
Frequently asked questions
Can I get a loan for car repairs?
Yes. A personal or emergency loan can be used for car repairs at any shop, with funds as soon as the next business day.
Is shop financing better than a loan?
Sometimes, if it has a true 0% rate you can pay off in time. Deferred-interest promotions can charge all the interest if you don't.
How much can I borrow for car repairs?
Fast Loan Advance loans range from $200 to $5,000, which covers most common repairs.