Things are tight for many people right now, and you may be stuck between a rock and a hard place when it comes to your diesel truck. The truck may need to be repaired yet you cannot afford to do so. Village Diesel Works works with our customers to help finance their diesel automotive repairs so they can get their vehicle back in service. Aside from us, there are also other options available to help you pay for your diesel truck repairs. Credit Karma advises some options are better than others.
Bank Loan
A bank loan is a great way to finance your diesel truck repairs because the interest rates tend to be the lowest in the market and you have an extended period to pay back the loan. This allows you to stretch out the loan longer so your monthly payments are less. You must have excellent credit in order to secure a bank loan. It’s also impossible to get the loan if you don’t have collateral to back the financing up. If you meet these conditions, a bank loan is a good way to go to get the money you need.
Credit Card
Credit cards are a catch-22. Zero-interest and low-interest cards provide a viable option for paying for your diesel truck repairs that give you time to pay off the charge. Unfortunately, most people have credit cards that have high interest rates. This leaves you doubling or even tripling your auto repair bill before it is paid off. This is not a good way to go if you are already having financial problems. If you have the credit to get a low-interest card, it may be comparable to a bank loan.
Payday Loan
Not everyone has perfect credit. Thankfully, there are lending options for those people, too. The problem with these lending options, however, is that they come with high interest rates and short payback periods. If you are already having financial trouble, having to pay back a loan within two weeks to 30 days is most likely not reasonable. These are the terms that come with a payday loan. The advantage of this loan, however, is that there is no credit check and you get the cash right away.
Title Loan
Finally, if you own your diesel truck, you may be able to take out a title loan. This being said, this loan can come with an interest rate as high as 33 percent in Minnesota. If you are unable to pay back the loan, the lender may take possession of your diesel truck because you have to turn over your title to secure the financing.
Again, Village Diesel Works in Woodbury, MN, offers financing options to our customers that you can apply for online.