Your Options for Car Repair Service Financing in Lake Stevens

Your Options for Car Repair Service Financing in Lake Stevens

If you are struggling to find money to pay for your car repair service in Lake Stevens, you are not alone. With the average cost on a new car costing up to $1,200 to maintain, things can get quite pricy. If you need auto repair that is not covered by your warranty, not only do you need to go to the right place, but you also need to find a way to finance it.

Let’s explore a few ways that you can find the financing you need:

Traditional/Personal Loans

Obtaining a personal loan is an option to help you get the money you need to pay for a car repair service. Depending on the lender, you may be able to get your funds as soon as the next day. These loans are always installment loans, meaning you can pay them back slowly and over time. The only trouble with a personal loan is that you typically need to have good credit to obtain one. You will also most likely be required to pay both interest and fees.

Finding a Lender

If you are willing to go loan shopping to find a good lender to pay for your required car repair service, then you can probably find something that fits your needs from a bank or credit union. These can also be found online, but there are a few things you should be educated in beforehand:

Principal: This is the amount you are borrowing, without the added interest or fees.
Fees: This is what you pay extra. It may include your application fees, origination fees, late fees, or prepayment penalties.
Interest rate: This is a percentage that you will be charged on the amount you are borrowing. It will only be placed on the principal amount.
Annual percentage rate: Your APR is the annual cost of borrowing. It is typically higher than your interest rate.
Repayment term: This is the length of the loan, and it will let you know how long you have to pay back the loan.

It is always important to go to a car repair service in Lake Stevens that you trust. We are here to help with affordable service, maintenance plans, and more. Contact us at Conaway Motors for more information (425) 905-2424.