Village Diesel Works advises that you can apply for financing for your diesel truck’s repairs right on our website. We work with our customers to help them get their trucks repaired when things are tight. We understand that automotive repairs can be an unexpected nightmare in your household budget. Aside from the financing that we offer, Credit Karma advises there are other ways you can have your diesel truck repairs financed. We are going to talk about these ways below.
Traditional Bank Loan
The best option, according to Credit Karma, is to take out a personal loan through your bank or credit union. These loans come with lower interest rates than other forms of financing. They also allow borrowers extended periods to pay back the loan so the monthly payments are not as high. The latter may be crucial to you if you are already living on a tight budget. The lower the monthly payments the easier it is to pay back the loan. You must have excellent credit to secure a bank personal loan.
Credit Cards/Lines of Credit
Another financing option is to charge your diesel truck repairs or pull money from an existing line of credit. The caveat, Credit Karma warns, is that these financing options often come with high interest rates. Consequently, you are left paying back your diesel truck repairs for years.
If you have excellent credit, Credit Karma recommends that you apply for a low-interest card or line of credit or a card or line of credit that offers zero percent interest for a limited time. This allows more money out of your payments to go to the principal rather than the interest. As such, it will be easier to pay off your diesel truck repairs quickly.
Alternative Financing Options
Both of the options discussed above require excellent credit. Not everyone has excellent credit. There are financing options for those with poor credit, but Credit Karma advises that these options are not always a good idea. Alternative financing options come with very high interest rates, sometimes more than double the money that you borrowed. They also come with short payback periods, which can make it difficult for those who are already having financial trouble to pay back the loan.
Nonetheless, if you are desperate, you can take out a payday loan or title loan to cover your diesel truck repairs. Keep in mind that the payday loan must be paid back out of your next paycheck and the title loan generally needs to be paid back within 30 days.
Again, Village Diesel Works in Woodbury, MN, and Roseville, MN, offers financing options for our customers so apply on our website today. Just click the Financing link at the top of the page.