If a car repair loan is required, it usually has to be quick. Because a defective vehicle brings no one to work and limits mobility significantly. Once the appointment has been made at the workshop, the question of financing often arises, because repairs to the vehicle can very quickly become very expensive.
Opportunities for a loan for the car repair
Before you think about the financing, it is first necessary to know what costs are exactly to the vehicle owner. This should be clarified in advance with the responsible workshop so that, depending on the amount of the repair costs incurred, a loan can be applied in time. The repair on the vehicle tolerates usually no delay. Poor public transport connections can even make your own car irreplaceable, which increases the pressure even further.
Equally fast, of course, should be the financing of the repair, so there is no additional waiting time. Many banks and other credit institutions offer direct or instant loans, which, at least by name, should quickly find their way onto their own account and therefore initially seem ideally suited as a loan for car repair. Online offers also promote immediate credit decisions. But all this sounds quicker than it really is in most cases.
Direct and direct loans are, in most cases, normal, classic installment loans, which qualify as a car repair loan. Although the name of the offer should suggest a quick settlement, but the reality often looks different. The best example of this is the instant confirmation. This is done automatically and is based on the calculation of certain internal key figures, which in turn are based on the information provided by the customer when applying online. However, such an automated method is not capable of detecting whether zero has been entered too much or too little anywhere. Therefore, the final audit is done by an employee of the bank, who must also have all important documents. These include, for example, account statements from the last few months and current payroll statements. Of course, these can not simply be sent by e-mail, but must be sent by post, which again takes time.
Anyone who has the opportunity to make a combined application should also use it. Combined means in this case to carry out the application itself on the home PC and then submit the documents personally in a branch. After all, the duration of the loan is measured primarily by how quickly the employee has all the necessary documents at the bank so that the information provided on the Internet can be verified. Assuming you have a good credit rating, you can find the credit for the car repair on your own account in a relatively short time.
Installment credits are only suitable for larger repairs. If minor deficiencies are to be remedied and financed by credit, it may already be sufficient to claim a credit line. This can be requested very quickly and informally from the bank. After that, the borrower has the opportunity to keep his current account up to a certain amount in the target, ie in the negative. The amount of this amount, called the credit line, is measured by the regular income of the borrower. It may be assumed that a sum equal to two to three times the monthly salary. As a loan for car repair, this is already sufficient in most cases. In addition, the money is available very quickly and can be flexibly, practically out of the daily business, also paid back. However, this should also happen as quickly as possible, because the interest rates are comparatively high in the case of a credit line.