It’s no secret that cars come with debt–whether buying new or used–since the purchase is typically much larger than what you have in cash. But have you ever needed a loan for car repair? You’re not alone! Car troubles have caused nearly 43% of Americans to take on additional debt.
For people with a stellar credit profile, it’s easier to find a lender willing to finance this debt, like a bank or credit union. However, 42% of Americans have been denied a credit card or personal loan over the past year due to credit. That’s nearly as many people taking on debt to remedy car troubles! This leaves many Americans in a difficult position–where do they turn when they need loans for car repair or a down payment on a used car?
Finding Car Repair Loans for Bad Credit
Believe it or not, there are more options than hoping a bank or credit union will approve you for a loan. And no, the answer isn’t a payday loan service. While some states offer some protection against predatory interest rates, based on 2021 data, lenders can charge interest rates as high as 664% for payday loans. This can put borrowers in an even more difficult financial situation, especially when the average payday loan takes five months to repay as interest rates and other fees pile up.
There’s a better option that won’t put you behind. BMG Money offers emergency car repair loans to employed borrowers with credit challenges. We’ve found that many borrowers use BMG emergency loans to repair their vehicle or place a down payment on a new car. This means that our borrowers can maintain a working vehicle that can transport them to their jobs without damaging their ability to make a living.
By working with over 90 employment partners, BMG can offer loans with lower interest rates to employees of these organizations. Since approval does not pull your credit score, you don’t have to worry about an additional ding. However, good payment history will be reported to the three credit bureaus, which means a BMG loan can help you establish or rebuild your credit history. At the same time, we also offer financial wellness products like free credit education, monitoring, and counseling, so you can find the tools you need to build a brighter credit future.
Advantages of a BMG Car Repair Loans
Compared to traditional payday loans, BMG offers a better solution. Our loans provide borrowers peace of mind by offering:
- Flexible repayment terms (6 to 36 months)
- Lower interest rates (16% to 35.99%)
- No credit check required
- Borrow between $500 and $10,000
- Quick approval process
- Funds available as soon as the same day
By choosing a BMG loan over other options, you can get the money you need quickly and easily without having to worry about exorbitant interest rates or fees. This can be the right solution for borrowers with less than a 680 credit score looking to keep their car running or upgrade to a more reliable vehicle.
How to Apply for a Car Repair Loan from BMG
We understand that car repairs are often time-sensitive–the sooner your vehicle is fixed, the sooner you can get back on the road. This is why our car repair loan application is quick and stress-free. First, fill out an application with your employment (or retirement) status and provide any requested documentation. Within minutes, you will receive loan offers. Once you choose the right loan, all that’s left is to sign the paperwork, and you could receive funds as soon as that day.
Don’t Stall on Your Loan
If you need the funds to repair your car or make a down payment on a used vehicle, turn to BMG Money for a solution that will bring you peace of mind and not lead you deeper into financial trouble. With flexible repayment terms and lower interest rates than payday loans, you can get the money you need quickly and easily to get back on your feet. So don’t wait any longer–apply now for the car repair loan you need. With BMG Money, you can make it happen!