What Car Damage Repairs Can I Fix With a Loan?

While the damages to your car may have been done by someone else, costs are likely to still be incurred on you as the car owner or renter.

You can also use a car repair loan to fix another automobile, such as a van, truck or motorcycle.

You can use a car repair loan from Pheabs to fix any of the following damages and more;

  • Rear-end damages;
  • Cracked windshield;
  • Vandalism;
  • Crashes;
  • Damaged headlights;
  • Faulty brakes.

Types of Car Repair Loans From Pheabs

Personal loans: This is a basic unsecured loan which is based on your income and credit score. The loan amount ranges from $100 to $35,000 depending on your eligibility, with the best rates from 6% APR available for those with good credit.

Installment loans: You have the option to repay your loan over installments to help you spread repayment over 3, 12 or 24 months. There are options for people with good, fair and bad credit and this will determine the interest rate you are charged.

Payday loans: Available in 37 US States, this is a quick way to borrow amounts such as $300 and $500 for around 1-2 months. The loan is unsecured and often charges high rates of 200% APR or higher.

Title loans: This is where you use your car as collateral, so the amount you can borrow is based on the vehicle value and condition. The interest rates are still high at around 200% APR and you risk losing your vehicle if you cannot meet repayments on time.

How Does a Loan to Fix My Car Work?

Getting a loan to fund your car repair with Pheabs is easy thanks to our three stage process:

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Step 1 – Choose Your Loan Amount

Select how much you need to fix your car and make sure that you have got a quote before so that you do not borrow too much or too little. minutes.

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Step 2 – Wait To Hear Back From Us

You will get a decision shortly on the screen and be presented with a competitive offer which you can choose to proceed with or not.

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Step 3 – Receive Your Loan in 24 Hours

Once you have electronically signed the loan agreement and have passed all checks, your loan can be transferred to your bank account within 24 hours.

Can I Get a Loan for Car Repairs With a Bad Credit History?

Even if you have a bad credit history, you still can apply for a loan for car repairs with Pheabs.

Our trusted panel of lenders lend to borrowers with all kinds of financial records. They aim to provide you with the best available rates to you and help you where they can.

In fact, if you borrow with Pheabs and pay it off according to the terms of your agreement,  your credit history could improve which can in turn make it easier to secure loans in the future should you need them.

How Will Repayments Work for My Car Repair Loan?

Repayments on your loan for car damage will be automatically taken from your checking account on the same day every month until you have paid off the loan and accrued interest.

You will together agree with your lender on this date. Most opt for their repayment funds to leave their account on their pay day.

Payments will be made in equal amounts and you will have the option to pay your loan off early if you can. However, you should be clear on the repayment terms before deciding to alter your repayment plan.

car repair loans

What Do I Need to Consider Before Applying for a Car Repair Loan With Pheabs?

Before applying for a car repair loan with Pheabs, you should consider the following;

  • Whether you urgently need the car repair loan, how you will pay it back, and what will happen if you fail to
  • Your credit record will determine the terms you are offered on your car repair loan
  • Whether you could seek the funds for your car repair elsewhere, such as from friends and family

Am I Eligible for a Car Repair Loan?

You can apply for a car repair loan with Pheabs as long as you meet these following four requirements:

  • Are over 18 years of age
  • Have American citizenship
  • Have a minimum monthly income of $800
  • Have a current account for us to deposit funds into

Where Can I Find a Car Repair Loan?

Pheabs offers loans for car repairs in all US states and Canada. Depending on your location, you may be offered a payday loan (which is available and legal in 37 States) or you may be offered a personal or unsecured loan depending on your circumstances and location.

For those with bad credit, you may be offered a title loan or loan that uses your vehicle as collateral. This means that your loan amount and eligibility will be subject to the value and condition of your car and this could be at risk of repossession if you are unable to keep up with repayments.

Otherwise, we use completely online methods to connect your loan enquiry with the best lenders in California, Illinois, Maryland, Nevada, Texas and all over the US.

How Long Will It Take to Receive a Loan to Fix My Car?

With Pheabs, you could have your car repair loan in your account the very same day you apply for it.

When we receive your application, we will connect it with one of our regulated lenders who we deem a good fit for you and aim to find you a match within 24 hours.

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FAQs

Can I Get a Car Repair Loan Without Any Credit Checks?

Pheabs will consider every applicant looking for no credit check loans, but it is important to note that a credit check is usually carried out for all customers. However, when you apply, we will only conduct a soft credit check which has no influence on your credit score and leaves no footprint on your credit history either.

How Much Can I Borrow With a Car Repair Loan?

The average loan amount for a car repair is around $500 to $1,000 but it is possible to borrow more than this if you need to. However, to be eligible for larger amounts, you may need to have a good or fair credit score and a relatively high income to reflect this loan amount. In addition, if you are using a secured collateral loan and using your car as part of the loan agreement, you may be able to borrow a large sum because it is typically around 25% or 50% of the vehicle’s value.

What Car Repairs Can I Fund With a Loan?

You can use a loan to pay for a number of car repairs including:

  • Replacing spark plugs
  • Replacing the oxygen sensor
  • Fixing brakes and pads
  • Oil changes
  • Tyre repairs and replacements
  • Fixing the ignition
  • Fixing the electricals
  • Fixing alarms and security

Is Pheabs Free to Use?

Yes, Pheabs is free to use and always will be. We are a loans matching service that simply makes a commission from the lender if your loan application is successful. Therefore, our job is to find you a lender that will offer you the highest acceptance rate and most competitive terms so that you will want to proceed. We are passionate about offering transparency and the best value possible when you need a loan urgently.

Can I Get a Loan If I Have Been Declined Before?

Yes, we work with over 50 lenders across personal, payday, installment and title loans and many of them are set up to help customers who have been declined. With options to use long term loans and collateral, there is a wide variety of options to help you if you need assistance.

What Will Happen if I Miss a Repayment?

If you are using an unsecured loan, you will incur a late penalty and additional fees if you miss repayments – and a negative impact to your credit sscore. If you are using your car as collateral, you will incur late fees, a negative mark on your credit report and your vehicle may be repossessed by the lender if all other measures to recover their loan repayments have failed.

Useful Guides

How To Save Money On Car Finance

Do Payday Loans Affect Buying a Car?

Payday Loans vs Title Loans