More than 36 million citizens in Canada owe their own cars to move from one place to another. Daily commuting has become an easy affair using own personal car. Thus, for most people getting car repair loans is a normal affair to finance the emergency repair & damage expenditures without waiting for any external finance.
Maintaining a vehicle in Canada is simple, especially during uncertain times by applying for auto repair loans with long term mainly for car repair purposes. Such short-term loans are available online for the convenience of borrowers to apply at any point in time and from any location they want. All they have to do is apply virtually, get a guaranteed instant approval loan, and then the loan amount transferred directly to the personal bank account.
What is a Car Repair Loan?
As the name itself signifies, a Car Repair loan is external financial assistance for Canadians to get funds for vehicle maintenance and repair expenditures. What happens sometimes is an uncalled breakdown of the car in the middle of the road, a spare part needs an emergency replacement or necessary service after a few kilometers. At such times, paying for such expenses is the first priority for car owners.
But when you don’t have cash in hand to handle such expenditures, then you have an option to apply for car repair loans bad credit. With such a financial offer, you can avail yourself of anywhere in between $500 to $3500 for paying for the repair, damage, or replacement expenditures swiftly. Unlike the traditional car loan, this is an online fiscal offer for Canadian citizens to apply online with MoneyKey.ca and receive quick cash after approval.
Finance a Car Repair in Canada
Choosing a bad credit repair loan over credit cards or traditional loans is an affordable deal in Canada. If you pay using a credit card, your bill is charged with a hefty interest rate, which you have to pay every single month. On the other hand, traditional loan offers are not meant for small emergency cash requirements.
So, if you choose one, you need to get a higher amount for a few years with a higher interest rate. This, of course, you are not planning to take advantage of. Now, all that is left is affordable and cost-effective car repair loans for bad credit holders. Such an offering allows borrowers to arrange small amounts of cash in just a 24-hour period, along with paying lower interest charges.
Maximum Borrowing Costs Per Province – Exact Repayment Amount & Cost Results.
|Province||Maximum allowable cost of borrowing|
|Alberta, British Columbia, New Brunswick & Ontario||$15 per $100 borrowed|
|Manitoba & Saskatchewan||$17 per $100 borrowed|
|Newfoundland and Labrador||$21 per $100 borrowed|
|Prince Edward Island||$25 per $100 borrowed|
|Northwest Territories, Nunavut & the Yukon||$60 per $100 borrowed|
|Quebec||Limit of 35% annual interest rate (AIR)|
How do Car Repair Loans work?
The working condition of credit repair loans with bad credit and auto repair expenditures is simple. As already mentioned, this is an online loan offer meant for Canadian citizens to apply at any point in time. A simple online car loan application form is required to fill by borrowers, then they need to submit it and wait for guaranteed instant approval. Generally, in a matter of day only, lenders approve the loan application, once every detail is right. Then, cash is transferred directly to the personal bank account of borrowers on the very same day.
Normal Maintenance Cost:-
- Oil, coolant, and other fluid changes
- New battery
- Inspection cost
- Seasonal tire change
- Light bulb replacement
- Seasonal Rustproofing
- Hub-cap replacement
- Muffler patching and replacement
- Timing Belt/Chain Replacement
- Air Conditioning / Heating Maintenance
Overall Security Improvements:-
- New tires (all-season, winter, summer, etc.)
- Head, tail, tag, and interior lighting repair
- Windshield or window replacement
- New brake pads and discs, or other brake-related procedures
- New airbags, seatbelts, and other safety features
- New suspension, transmission
- the new or custom paint job
- opaque window
- new seats
- Removal of rust, dents, and scratches
- Custom additions (spoilers, rims, spokes, hubcaps, stereo systems, etc.)
Accident And Damage Repair:-
- Broken/broken windshield or other windows
- fender and bumper replacement
- Front and Side Airbag Replacement
- normal body function
Car Repair Loans for Bad Credit?
One thing that cannot be ignored is no requirement of a credit check under this loan offer process. Basically termed as a loan with no credit check for car repair expenditures, anyone having low-credit scores can apply for it. Here, you need not undergo a tedious credit check procedure and prove your ability to repay the loan on time. Anyone holding a low credit score can apply for it. And, in fact, improve the credit scores by repaying loan amounts within a stipulated time frame. So, what are you thinking about! A car repair loan for bad credit is a profitable fiscal offer to finance vehicle repair expenditures along with improving credit scores as well.
Benefits of Getting Car Loans with Bad Credit
There are plenty of benefits associated with car repair loans bad credit in Canada. Some of them are as follows:
Quick Approval: Lenders offering loan offer online is an advantageous way to apply anywhere and at any point in time. This calls for getting speedy approval in a matter of no time.
Loan With No Credit Check: You need not undergo a credit check process despite having a negative credit rating in the background.
Online Application: Last but not least is the online application process. All you have to do is fill out an online application using personally identifiable details and process the same.
How do these four options compare?
Use the table below to weigh the pros and cons of your loan options.
|Average processing time||Average payback terms||Typical eligibility requirements|
1–2 business days
7 – 31 days
Age and residency requirements, proof of regular source of income
Your credit card
Must have an existing credit card account with an available limit
A few days to 2 weeks
Age and residency requirements, proof of regular source of income
Help from friends or family
None, just be sure to pay back your debts
How to Apply for Car & Auto Repair Loans Canada?
In order to apply for auto repair loans in Canada, all you need to do is fill up an online application using personal information. After that click the submit button and process the application. Lenders will look into it shortly after receiving it and approve the same immediately if every detail mentioned is correct. On top of that, you will get funds directly in your personal bank account on the very same day.
Unsecured Car Repair Loan Canada
One thing not to be missed here is the no collateral requirement of this loan offer. In simple terms, these are unsecured personal loans for Canadian citizens. Thus, lenders will not ask you to submit any sort of valuable asset including property papers, jewelry, vehicle papers, or anything as security. You need not submit any collateral against a car repair loan for bad credit and apply for it in a hassle-free
Representative example: car breaks down
|Cost of parts/labor||$3,500.00|
|Loan type||Payday loan|
|Cost of loan||$15 per $100 borrowed ($225.00)|
|Loan term||30 days|
|Total loan cost||$1,725.00|
Now, you must be getting an idea as to where to avail external finance for emergency car repair expenditures in Canada. Simply go for this profitable loan offer to arrange quick cash on the very same of applying and settling expenditures with no hassle at all. Get a chance to finance an amount anywhere in between $500 to $3500 without declaring anything as security and paying a low-interest rate.
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