Nobody likes to face an unexpected repair bill, but the financial situation can be dire when your vehicle needs expensive repairs that you can’t afford out of pocket.
If you have a truck and have recently been in an accident or just have to make major repairs, it might seem like you’re left with a few affordable and easy-to-get loans. But with the right information and truck repair loans, you could be back on the road in no time.
Discover five loan options to get your truck back up and running.
5 Loans to Repair Your Truck
Business credit card
Business credit cards can be helpful in various situations, like purchasing new truck parts and supplies. A business credit card can also be helpful if you’re looking to make big purchases—like if you need to buy a new truck or repair your current one after an accident.
Auto title loans
These are small-dollar loans of $2,000 or less that can be used to pay off any bills or expenses until your next paycheck. Title loans are usually set up with a lender who requires only a car title as collateral, while payday and short-term loans require other forms of collateral.
Suppose you find yourself in a situation where your truck needs repair, and you don’t have enough cash to pay for it; borrowing money is one way out. The right truck loan can get you going again in no time.
But how do you choose between an auto title loan and a personal loan? It depends on your circumstances. Both offer low-interest rates but with different repayment schedules. Shop around to compare rates and choose what’s best for your budget.
A line of credit
A line of credit is one of several finance methods used to pay for vehicle repairs. It’s a popular option because it allows you to obtain cash when needed, rather than requiring that you save up money in advance.
This flexibility makes lines of credit a smart choice if your company has irregular expenses or unpredictable financial needs.
A capital loan is probably an excellent place to start if you need short-term funding. Capital loans are designed to help businesses acquire equipment and other large assets; still, you can use them to pay for repairs.
But remember that these loans will also come with higher interest rates and larger monthly payments than an operating loan. It’s always worth considering different options before applying because commercial loans have different repayment terms.
Remember, not all these loans are available at your disposal, and the right funding depends on your unique set of circumstances. Always read the fine print to determine what you can qualify for and, most importantly, afford to pay back.
Auto title loans, personal loans, capital loans, and a line of credit are the most accessible truck repair loans.