We get it here at Village Diesel Works. Things are tight for everyone right now, and you may not be able to afford your diesel work truck’s repairs. Thankfully, the financial website Credit Karma has some suggestions for those looking for auto repair financing. It’s important to bear in mind that some of these financing options are better than others. You can also apply for financing directly on our website.
One of the best options to get a loan for your diesel work truck’s repairs is to go through your bank or credit union. Taking out a personal loan from these traditional financial institutions provides lower interest rates than alternate financing. They also give you a longer duration to pay back the loan. The only caveat is you must have good credit and collateral to back up the loan. Unfortunately, some people do not have the credit required to take out a bank loan.
The same is true with credit cards, according to Credit Karma. Those with excellent credit can apply for a zero-interest credit card that gives them a limited time to pay off the repair charge without any interest. You may also be able to apply for a credit card with a low interest rate. If you have bad credit, however, you may be stuck with a high interest rate on your credit card and this makes paying off the truck repair nearly impossible. Check your credit card statement to see what the interest rate is.
For those with poor credit, there is the option of a payday loan. This being said, Credit Karma warns against this alternative financing unless it is absolutely necessary. The reason why is simple: The interest rates on payday loans are exorbitant. In addition, you only have a couple of weeks to pay back the loan. The lender will expect the loan plus interest to be paid out of your next paycheck.
The same is true with title loans. Although the state of Minnesota limits the interest rate percentage on title loans, they can still be as much as 33 percent or more depending on the amount borrowed. In addition, you must relinquish your automobile’s title to secure the financing. This can get dangerous if you’re unable to pay back the loan, as you might end up losing your car to the alternative financer.
As we mentioned above, Village Diesel Works in Woodbury, MN, also offers financing options for our customers. Apply for the credit you need to get your work truck fixed today.