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Payment plans for Car Repairs in Toronto, ON

The average motorist spends about $2,200 a year to maintain and repair their automobile, which rapidly adds up in expenditures. These expenses might severely cut into your budget or cause a financial disaster if you don’t have the money or finance for vehicle repairs. Let’s take a glance at some auto repair financing options that can be of great help to you:

Personal loan

Instalment loans known as personal loans can be used for almost anything, including paying for vehicle repairs. You will have predetermined payments for your repayment period, which commonly lasts 12 to 60 months, as they have fixed interest rates. Personal loans do not typically come with interest-free offers, in contrast to payment plans from vehicle repair shops or certain credit cards. Personal loans can be unsecured or secured and are typically offered in amounts as little as $1,000.

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Auto Repair Financing Options

For loans and funding for vehicle repairs, you have many choices.

  1. Locate a lender: There are several lenders who specialize in providing personal or vehicle loans. Banks typically provide personal loans, although there could be extra criteria or drawn-out procedures. Certain businesses expressly provide financing for auto repairs.
  2. Local auto repair shop finance: Determine whether the repair shop offers financing services. They may have offers or possibilities for instalment payments. Search local repair shops in you neighborhood if your present repair shop doesn’t have it.
  3. Utilize your credit card: Using your credit card is the quickest way to obtain the cash you need for your vehicle repair and service. This is a type of payment that the majority of auto repair shops will take. However, be careful of the interest charges if your not able to repay these charges within 30 days.

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Should you utilize your credit card or look for a loan in this situation in Toronto? For any payment plan, there are benefits and drawbacks. Credit cards, for instance, are accepted at your auto repair shop however the ease of using your credit card can increase your monthly charge and the interest rate applied to your balance.

At AutologiQ in Toronto, you receive the credit you need for your repair by accessing some of the equity of your vehicle.  We’ve created a digital platform with all the tools you need to calculate your available credit, choose a payment plan and even access a pre-approved AutologiQ service center in Toronto. If you prefer, you can access one of our virtual advisors to guide you through the process.  Monthly payments as low as $20/Month.

Whatever the issue when it comes to an easy monthly payment plan for getting the cash you need to complete your Auto repairs, autologiQ should be your number one option in Toronto.  Find out how much available credit we can offer you by completing our online calculator (link to the Calculator) or contact one of our virtual service advisors (link to the service Advisor chat box)

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