Installment Loans for Auto Repairs
For many people, a reliable vehicle is essential to everyday life, whether it’s commuting to work, picking up groceries, or managing family responsibilities. When a car breaks down or becomes unreliable, repairs can become a priority.
Start My Loan Find a LocationHow an Installment Loan Can Help with Auto Repairs
A personal installment loan for auto repairs can be a practical way to help cover unexpected mechanical issues or maintenance, and reserve cash for other needs. While some people refer to these as “auto repair loans,” Security Finance offers personal installment loans that provide structured repayment options for expenses, including mechanic fees, parts, and vehicle upkeep.
Once approved for a personal installment loan, you receive a lump sum you can use for anything from transmission repairs to new tires. You then repay the balance through fixed monthly installments, which may make the expense easier to plan for than paying the entire bill at once.
Types of Car Repairs an Installment Loan Can Cover
Our personal installment loans can provide access to funds that you can put toward a minor repair or a major overhaul. Borrowing even a small amount can help you manage the expense while preserving some cash or savings for everyday needs.
Here are some common ways borrowers may use personal installment loan funds for auto-related expenses:
Tire repair or replacement
From patching punctures to buying a new set
Brake repair or replacement
Helping address worn brake pads, rotors, or calipers
Transmission repair or replacement
A costly repair that financing can help cover a portion of for a manageable expense
Engine diagnostics and repair
Resolving warning lights or internal mechanical problems
Windshield repair or replacement
Replacing or fixing shattered glass, chips, or cracks
Cosmetic repairs
Including dent removal, scratch buffing, or paint touchups
Electrical or battery issues
Diagnostics, rewiring, or battery replacement
Eligibility Criteria and Loan Terms
When reviewing installment loan applications, Security Finance considers factors such as income, credit history, existing debts, and overall ability to repay. Our team can walk you through the application process and help you understand available options based on your situation and the auto repairs needed.
Once disbursed, repayment follows a set schedule outlined in your loan agreement. Your first payment is typically due within 30 days with fixed monthly installments until the loan is paid in full. Each payment includes a portion of the principal plus any applicable fees. We offer multiple payment methods for convenience, including cash, check, money order, or debit card.
How To Apply for a Loan for Auto Repair Expenses With Security Finance
Security Finance offers a personal installment loan application process that can be completed at a local branch or over the phone during business hours. You can also start an application online, which may allow for an initial review before completing the process at a local branch.
- Current and (if applicable) previous residence information
- Employment history and/or details on income sources
- Your Social Security number
- Information on your monthly expenses
As part of the application, you’ll also be asked to authorize a credit report. This helps us assess your credit and payment history and create a realistic repayment plan. Our knowledgeable team will guide you through your auto repair financing options and help you review solutions aligned with your situation.
In most cases, you can receive a loan decision in real time through our online application process. First-time loan disbursements must be completed in person at a local branch.
FAQs About Using an Installment Loan for Auto Repairs
These are some of the commonly asked questions about our installment loans for auto repairs:
Credit cards typically have variable rates and revolving balances that can make repayment less predictable than the fixed payments of a traditional installment loan for some borrowers. A Security Finance installment loan for auto expenses outlines what you owe and when up front, allowing you to budget for repayment.
Yes, to qualify a borrower for a loan for a vehicle repair, a lender will typically perform a “hard inquiry,” which may impact your score. This is a normal part of the borrowing process and signals to lenders that you are applying for new credit. Security Finance reports account activity to major credit bureaus, Equifax and TransUnion, each month. Over time, making consistent, on-time payments may have a positive impact on your credit history, depending on your overall financial situation.
Contact Security Finance today to learn how our personal installment loans can be used to help you manage unexpected auto repair expenses and vehicle maintenance costs. Complete an inquiry to get started. Subject to credit approval. Rates and terms may vary.
Access Funds When You Need Them
At Security Finance, we offer a range of fast and simple-to-secure loans with more flexible options than those typically found at a bank — all without the need for an account or a high credit score. Plus, our installment loans follow set terms and offer affordable monthly payment plans, with no balloon payments or prepayment penalties.
Visit securityfinance.com today to learn more about all of our loan options and, when you’re ready, get your loan started.
Start My Loan Find a Location*Subject to approval and underwriting. Processing times may vary by state and application type.