Living in Los Angeles is not cheap. Living in Los Angeles guarantees you need a car, too, because the public transportation system stinks. Los Angelinos drive. Period. They don’t want to use public transportation. If your vehicle has broken down and you can’t afford your repair bill, there are options to help you finance the fixes so you can get back on the congested LA freeways. If you drive a European automobile, Eurozone Motors will work with you to keep your repair bill as affordable as possible.
Call Your Bank First
Before you go crazy and charge your repairs or take out an expensive cash advance, contact your bank and as to speak with a loan officer. You might be able to take out a personal loan to pay for your automotive repairs and a personal loan is better than other financing options.
First, the personal loan comes with lower interest rates than credit cards and cash advances. Second, you can pay the loan back over a longer period of time, which will help you fit the loan payments into your already stretched budget. Finally, you trust your bank, which goes far.
A personal loan is an option for people who have good credit, collateral to back up the financing, and a low debt-to-income ratio. If you have a bad credit score, do not own anything, or are overextended, you might not qualify for a personal loan and will have to explore other financing options.
Other Financing Options
Here’s what the other financing options are:
- Your personal credit card or a personal line of credit
- A payday loan or other cash advance from an alternate lender
- A title loan if you own your automobile and have the title in your possession
If you are left with no choice but to use one of these financing options, take into account the following to protect yourself. All of these options come with high-interest rates and finance charges, especially payday and title loans. You must pay back these options quickly. You could lose your vehicle with a title loan because the vehicle is the loan collateral.
If you must use one of these options make your life easier by finding the lowest interest rate available to you. For example, if you have good credit but the bank rejected your personal loan because of your debt-to-income ratio, you might still qualify for a zero-interest credit card.
Now, Eurozone Motors in Los Angeles, CA, are not finance experts. We’re European automobile maintenance and repair experts, so call your bank if you need financing and us 323-928-7393 if you need your European automobile serviced or repaired.