Thousands of car owners will head to repair shops around the country this year to have their transmissions repaired. Depending on where you live, the total cost of a transmission repair can range anywhere from $1,500 to $3,500. Most households do not have that kind of cash on hand. Since many car owners need their vehicles to get to and from work, any major repair is necessary to prevent disrupting daily routines. The question for those facing a transmission repair is, “How do I pay for it?”
One of the first thoughts for many people faced with a major purchase is to go to the bank and take out a loan. If you do not have a very good credit score and an outstanding history of paying your bills, your bank will deny you. There is a lot of paperwork involved and even if you are approved it could take several weeks to finalize the loan and receive the money.
Transmission Repair Financing
Because of the expense involved with a transmission repair, shops that specialize in this type of maintenance often offer financing through several financing companies. Most of these companies offer small, short-term loans for emergency situations. There are, of course, varying approval rates and other details, but financing through a repair shop is a solid option for paying for a transmission rebuild.
Car Title Loan
Since you are a car owner, you may have the ability to take out a car title loan. This type of loan is short-term and uses the vehicle as collateral. Embassy Loans has helped tens of thousands of customers with car title loans. Prospective borrowers can fill out an application in person or on the company’s website to begin the process.
Applicants must submit a few forms of documentation, including the title to the vehicle. Loan professionals prefer that the vehicle is paid off completely, but car owners with equity can still qualify. Embassy Loans will assess the value of the vehicle and then finalize the loan agreement. Car title loans are great because they are processed very quickly. Embassy Loans can process many auto title loans in as little as an hour.
Borrow from Friends or Family
There is always the option of borrowing from friends or family members, but this option may be the least desirable. Often borrowers fail to repay these loans and the relationships eventually suffer. Consider one of the above options to avoid the complications of borrowing money from friends and family.