In case, your car breaks down and needs immediate repair then you may need same day loans so that you can quickly bring your car and use it for your daily work.
Now let us see what are the different options available to you, if you need to get loan for your car repair immediately.
- Credit card loan
In order to repair your car immediately, it can be very tempting to use the credit card for making your payment, which can be very easily done by sweeping your card in the repair workshop.
However, you must remember that credit card loan attracts heavy rate of interest and it can be very costly option for you.
- Secured or unsecured loan
You also have an option to seek either a secured or unsecured loan. Both have certain pros and cons. In case of secured loan, you have to offer certain collateral e.g. your vehicle or house but you may lose them if you cannot repay back.
However, if you have Finance Guider then you may seek unsecured loan. Unsecured loan does not need any collateral, but its interest rates are much higher.
- Online personal loan
If you have very poor credit rating then you can also prefer to take online loan and there will be plenty of lenders available and such loans can be obtained within 24 hours too.
- Bank loan
Bank loans are also another option for you to get money for your car repair and if your credit rating is excellent then bank will easily finance your repair bill. However, for people with poor credit rating, it can be difficult to get bank loans.
The process of approval for bank loans are little slow and maybe you have to wait for a week or so, before you will get the money in your hand.
- Payday loan
If you are looking for immediate loan then payday loan can be a good option too. There are few finance companies available who can approve your loan application very quickly.
You can apply for such loans on 24 X 7 basis and your money will be available with you very quickly so that you can repair your car.
- Auto title loan
Auto title loan is also similar to the above payday loans, but they are secured loan which you must avoid entirely. Here you will have to surrender the paper of your car and your car may be taken away by the lender if you cannot make your payment timely.
