Table of Contents
Does it seem like every time you turn around you are spending money to repair your car? Whether it’s the brake pads, tires, or headlights, the little repairs just never seem to stop. But while these repairs are annoying, they are usually financially manageable. A transmission is usually quite different. If you find yourself in a situation where you need a new transmission, you may be worried about the costs and wondering, “Can I get a loan to cover my transmission?”
The good news is that there may be a way to pay for such an expensive car repair, and that is through the use of a title loan!
A Title Loan Could Cover the Cost of Your Transmission
With a title loan, you may be able to use your car’s title as collateral to get the funds you need for your transmission repair1. With auto title loans, the qualifying vehicle title of the car is used as collateral in exchange for quick funding. The lender may be able to fund you a percentage of what they feel your car is currently worth.
Call Our Team
Take the first step and call our toll-free hotline to speak with a specialist.
There are several factors that make a title loan a great financing option:
- Your credit score is not an important qualifying factor
- You could receive approved funds in as little as one business day3
- Keep driving your car while making monthly payments
Could a Personal Loan Cover the Cost of Your Transmission?
If you don’t wish to put your car’s title up as collateral, then perhaps you should consider getting a personal loan instead. Personal loans don’t use collateral to secure funds, so you don’t have to worry about losing a valuable asset. But personal loans do generally require very good credit scores and financial history in order to receive approval.
Since personal loans are not collateral based, lenders use credit scores as a main reference. If your credit score is lower than what a lender would like, then chances are you may not be approved for the loan.
With a personal loan, the time frame in which you receive your funds should be considered. Generally, you can expect to receive personal loan funds within a day, but that may not always be the case. There are times when the approval process is held up and someone is left waiting a week until they can have their transmission repaired, if that is what they are using their loan for.
Could a Credit Card Cover the Cost of Your Transmission?
Credit cards loans allow people to borrow money and pay it back with considerable interest. While using your credit card may not sound ideal for transmission repair, in some circumstances it may be a viable option, if you can afford it.
Using your credit card as a loan comes down to your credit score. By having good or excellent credit, using your high credit line to schedule a transmission repair is possible. If you have a good enough credit score, chances are you may be able to obtain low rates.
Though if the interest on your credit card is not ideal, then using your credit card as a loan may not be the best option for you. With high interest rates, you could find yourself paying off the repair costs for years. In addition to the interest, consider the limit of your credit card. If your card has a limit smaller than what your repair cost is, then you will have to split the cost on multiple cards.
Title Loans Serviced by LoanMart to Cover your Transmission
If you’re looking for a convenient loan that allows you to get the money you need quickly, even if you have poor or no credit, a title loan could be the best option for you. When title loan lenders approve borrowers, they sign onto the vehicle title as a lienholder. This allows auto title loan lenders to accept people with a wide range of credit scores, or even past bankruptcy.1 Also, when you work with title loans serviced by LoanMart, you can enjoy the freedom to keep your car to use every day like normal while you pay back your approved loan!
Check out the fast and simple title loan process:
- Call 855-422-7412 or CLICK HERE to fill out a fast inquiry form. After your information has been received, you will get a pre-approval amount.1
- Next, your lender will ask for a few documents. These usually are a qualifying vehicle title, government issued photo ID, proof of income, proof of residency, photos of the vehicle, and a few references.
- After your documents have been processed and you are approved for the loan, you can sign your contract and get your money!
That’s it! You could even have your approved money as soon as the same or next business day!3 Apply for a title loan to cover your transmission today with the help of a title loan serviced by LoanMart!
