There Are Traditional and Non-Traditional Auto Repair Financing Options

Many people have a hard time paying for their auto repairs. The situation becomes a catch-22 because they need their vehicle to go to work, and they need to work to pay for their auto repairs. Mechanic One Auto Repair works with three financing companies to help our customers secure the cash they need for their auto repairs. You can apply for your financing directly from our website. Aside from these options, there are also traditional and non-traditional means of financing from which you can choose.


Traditional financing is your best bet because it offers longer payback periods and lower interest rates than non-traditional financing. One example of traditional financing is a personal loan from your bank or credit union. You can apply for a loan to cover your car repairs and, in most cases, have as long as two years to pay the loan back. The caveat is that you need excellent credit and collateral to secure the loan.

If you do have good credit and collateral, applying for the personal loan is relatively easy. You will need to fill out a loan application and provide proof of income. The bank will review the application and additional paperwork and deposit the money into your account if the loan is approved. This, of course, happens after you sign the loan paperwork and agree to the payback schedule.

Another form of traditional financing is credit. You may be able to charge your auto repairs on your credit card or line of credit. In this case, however, Credit Karma warns that some credit cards and lines of credit come with extremely high interest rates. It’s best to use a card or line of credit if you qualify for zero percent interest for a limited time. This allows you to pay for the car repairs without interest.


Non-traditional financing options are there for people who do not have the credit to secure a personal loan from the bank or a credit card. The caveat with these options is that the loans must be paid back very quickly and come with higher interest rates. For example, if you take out a payday loan for your car repairs, you will need to pay the entire loan back plus interest out of your next paycheck. If you are already having financial problems, this can be difficult to do.

Mechanic One Auto Repair in Canton, MI, also advises that there is a title loan that lends you the money against the title of your automobile. This, too, comes with high interest rates and short payback periods. You may do better with one of the financing options available on our website.

Photo by ShutterOK from Getty Images via Canva Pro

Accessibility Toolbar