We at First Choice Honda know that a car costs money. Starting from its purchase until you decide to transfer to another mode of transport. It needs to be refueled, and oil changed, tires changed, regular inspections, parts that are worn out changed.
Moreover, each of us can get into a minor accident, where our door will be scratched, our mirror will be knocked down, or our headlight will be broken. Also, unfortunately, there are more large-scale accidents with more expensive repairs.
However, if your car needs repair and you don't have the budget for it, you may consider a loan as an option. Here are the most suitable ones.
Personal Loan
A personal loan is almost universal. It is suitable for a variety of needs, including machine repair and maintenance.
Since you can borrow from $1,000 to $50,000, even the most expensive repairs can be covered with this loan.
The advantage of a personal loan is that it is long-term with fixed interest rates. That is, you receive the required amount immediately and pay it in installments from 12 months to 64 months. In addition, personal loans have fairly low-interest rates.
However, to get a really profitable personal loan, you need to have an excellent credit history. Otherwise, the rates may be higher if you can get a loan at all.
Payday Loan
A payday loan is suitable if you need to urgently carry out minor repairs. Because a payday loan involves small amounts, most often up to $ 500, for a short period, such a loan will need to be repaid in one installment (loan amount plus interest and fees) after 14 days or 30 days.
A payday loan's undoubted advantage is its speed and ease of obtaining it. The loan application will take a couple of minutes, and the money can be received the very next day. In addition, a payday loan is also available to those whose credit score is called bad.
There are several disadvantages of a payday loan. First of all, interest rates can exceed 100%. Secondly, a short loan repayment period can also create problems.