Repairing the brakes on one’s car is not cheap. Sometimes, financial help may be needed to cover the cost of the repair. When people look for brake repair financing, they usually seek out a loan or brake payment plan.

Some of the most common types of financing options to brakes and rotors are repair shop loans or credit cards, car repair loans, title loans or personal loans. Keep reading to learn about the different financing options available to help pay for brake repair.

Benefits of Financing Your Brake Repair

When your brakes are old or worn out, scheduling an appointment to have your brakes repaired or renewed is highly recommended, since driving without fully functioning brakes is unsafe. With the cost of a brake repair often in excess of $300 per axle, it might be tempting to wait until you've saved up the necessary funds to pay for the repair in cash. If you choose to finance your brake repair instead of waiting, you can enjoy some of the following benefits:

  • Safety and peace of mind: Since brakes are crucial for safe driving, getting them fixed as soon as possible can increase your safety on the road, reduce your likelihood of an accident, and give you peace of mind while driving.
  • Maintain your savings: Financing the necessary brake job means you won't need to tap into your savings to pay for the repair. Keeping your savings at a reasonable level to cover for an unexpected emergency can be a lifeline, when that unexpected emergency actually happens.
  • Freedom to choose repair options: Having the financing lined up to take care of your new brakes can give you the freedom to choose the best repair option for you. This could include using a different brake job with more skilled and certified technicians, or higher quality, longer lasting parts!
  • Potential to build your credit: If the brake repair financing option you choose is provided by a lender or loan servicer that reports to the credit bureau, making on-time payments and eventually paying off your brake repair loan can potentially help you build or re-build your credit.

If you need help paying for your brake repair, consider a title loan serviced by LoanMart as a possible option1. We have been assisting customers for over two decades and are one of the leading title loan marketers and servicers in the United States.

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Brake Repair Financing Options

Bank Loans

If you want to go a more traditional route, you can always try applying for a personal loan from a bank. By using a bank to get a personal loan, you could receive enough funding to cover the entire cost of your brake repair. If you are getting a loan from a bank you already have an account with, chances are you could receive added benefits as well. Banks like to add incentives for customers to keep using their services, so as a loyal customer you could receive some perks.

But if you do decide to acquire a traditional loan through a bank, you should be aware of some of the downsides of doing so. You will most likely have to go through a credit check. This is so banks can determine if you are a safe bet to lend money to. If your credit score is lower than average, a bank may not approve you for a loan. Another concern that can arise from using a loan from a bank is the term length. When taking out a personal loan for a simple car repair, you don’t want to be stuck repaying the loan for years. But with a loan from a bank, terms can be 36 months or longer. And the longer the term, the more interest you will be paying.

Credit Cards

Many don’t realize it, but credit cards are a loan option. Credit cards can be used to help pay for your brake repair. By using a credit card at the repair shop, you can pay for your brake job in full that same day. While using one’s credit card to pay for brake repairs may not sound like a good idea, with the right terms, it can be. If your credit card interest is high, then it may be best to refrain from using a credit card to pay for a vehicle repair.  Although you will have the convenience of having your bill payed, you will actually be paying much more money in the long run with a high interest rate on your credit card.

Repair Shop Financing

Some car repair shops may offer financing in the form of payment plans. These plans allow customers to pay for the repair over time in installments. Car repair payment plans can be a convenient way to finance a break job, as they are available at the repair shop and typically don't come with a lot of hassle. The potential downsides can include that you can only use the financing at the specific repair shop where the financing is provided, which may limit your choice of repair options.

Title Loans

Title loans, sometimes also known as auto equity loans or vehicle-secured loans, may be an option to consider if the aforementioned financing options are not available to your or don't meet your needs. As the name suggests, these loans are secured by the title to a paid-off or almost paid-off vehicle. The loan proceeds can typically be available very quickly upon final approval1, and can be used for any type of personal or household expense, including car repairs like brakes and rotors.

Final Thoughts on Using a Car Title Loan to Pay for Brakes

Consumers looking for a loan option to pay for a brake job have various options. Depending on your credit history and individual needs, you may consider a loan from a bank, using your credit card, securing a payment plan from the repair shop, or even using an auto title loan.

If you have any questions about title loans, the title loan process, or loans in general, do not hesitate to reach out to us. We have been able to help over 250,000 customers2, and we may be able to help you too1.

LoanMart provides information on a wide variety of financial matters on our blog. So if you’re looking for more information on how to refinance, consolidate, or obtain a personal loan, then LoanMart has you covered.