Can You Get a Loan to Fix Your Car

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You probably know the feeling of dread when your car starts to make funny noises — especially if you don't have a lot of cash on hand. If you're in this situation, auto repair loans could help you cover the expense of fixing your car.

Depending on the lender, you might be able to get the funds from an auto repair loan as soon as the next business day. Just keep in mind that you'll generally need good credit and verifiable income to qualify, though some lenders also offer options for poor and fair credit.

Here's what you should know about auto repair loans and where to find them:

• 15 personal loans for auto repair
• What is an auto repair loan?
• How to apply for an auto repair loan
• Auto repair loan frequently asked questions

15 personal loans for auto repair

Personal loans can be used for almost anything, including auto repairs. Here are Credible's partner lenders that offer auto repair loans:

Lender	Fixed rates	Loan amounts	Min. credit score	Time to fund
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	9.95% - 35.99% APR	$2,000 to $35,000 **	550	As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Fixed APR: 9.95% - 35.99% APR Variable APR: N/A Min. credit score: 550 Loan amount: $2,000 to $35,000** Loan terms (years): 2, 3, 4, 5* Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday) Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV Customer service: Phone, email Soft credit check: Yes Loan servicer: Avant Loan Uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes Min. Income: $1,200 monthly
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.79% - 17.99% APR	$10,000 to $50,000	700	Next business day
Fixed APR: 6.79% - 17.99% APR Variable APR: N/A Min. credit score: 700 Loan amount: $10,000 to $50,000 Loan terms (years): 3 to 6 Time to fund: Next business day Fees: No prepayment penalty Discounts: None Eligibility: Available in all 50 states Customer service: Phone Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Debt consolidation, home improvement, self-employment, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.99% - 35.99% APR	$2,000 to $50,000	600	As soon as 1 - 3 business days after successful verification
Fixed APR: 4.99% - 35.99% APR Variable APR: N/A Min. credit score: 600 Loan amount: $2,000 to $50,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 1 - 3 business days after successful verification Fees: Origination fee Discounts: None Eligibility: Available in all states except DC, IA, VT, and WV Customer service: Phone Soft credit check: Yes Loan servicer: Best Egg and Blue Ridge Bank Min. Income: None Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.99% - 24.99% APR	$2,500 to $35,000	660	As soon as the next business day after acceptance
Fixed APR: 5.99% - 24.99% APR Min. credit score: 660 Loan amount: $2,500 to $35,000 Loan terms (years): 3, 4, 5, 6, 7 Time to fund: As soon as the next business day after acceptance Fees: Late fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone Soft credit check: Yes Loan Uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.99% - 29.99% APR	$10,000 to $35,000	Does not disclose	As soon as 2 business days
Fixed APR: 7.99% - 29.99% APR Min. credit score: Does not disclose Loan amount: $10,000 to $50,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as 2 business days Fees: Origination fee Discounts: No Eligibility: Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WY Customer service: Phone Soft credit check: Yes Min. Income: None Loan Uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	7.04% - 35.89% APR	$1,000 to $40,000	600	Usually takes about 2 days†
Fixed APR: 7.04% - 35.89% APR Min. credit score: 600 Loan amount: $1,000 to $40,000 Loan terms (years): 3, 5 Time to fund: Usually takes about 2 days† Fees: Origination fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone, email Soft credit check: Yes Loan servicer: LendingClub Bank Min. Income: None Loan Uses: Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	9.99% - 35.99% APR	$2,000 to $36,000	580	As soon as the next business day
Fixed APR: 9.99% - 35.99% APR Min. credit score: 580 Loan amount: $2,000 to $36,500 Loan terms (years): 2, 3, 4 Time to fund: As soon as the next business day Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except NV and WV Customer service: Phone, email Soft credit check: Yes Min. Income: $20,000 Loan Uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.49% - 19.99% APR	$5,000 to $100,000	660	As soon as the same business day
Fixed APR: 2.49% - 19.99% APR Min. credit score: 660 Loan amount: $5,000 to $100,000 Loan terms (years): 2, 3, 4, 5, 6, 7* Time to fund: As soon as the same business day Fees: None Discounts: Autopay Eligibility: Available in all states except RI and VT Customer service: Phone, email Soft credit check: No Loan servicer: LightStream Min. Income: Does not disclose Loan Uses: Credit card refinancing, debt consolidation, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.99% - 19.99% APR1	$3,500 to $40,0002	Many Marcus customers receive funds in as little as three days	660 (TransUnion FICO®️ Score 9)
Fixed APR: 6.99% - 19.99% APR1 Min. credit score: 660 (TransUnion FICO®️ Score 9) Loan amount: $3,500 to $40,0002 Loan terms (years): 3, 4, 5, 6 Time to fund: Many Marcus customers receive funds in as little as three days Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Phone Soft credit check: Yes Loan servicer: Goldman Sachs Min. Income: $30,000 Loan Uses: Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	18.0% - 35.99% APR	$1,500 to $20,000	None	As soon as the same day, but usually requires a visit to a branch office
Fixed APR: 18.0% - 35.99% APR Min. credit score: None Loan amount: $1,500 to $20,000 Loan terms (years): 2, 3, 4, 5 Time to fund: As soon as the same day, but usually requires a visit to a branch office Fees: Origination fee Discounts: None Eligibility: Must have photo I.D. issued by U.S. federal, state or local government Customer service: Phone, email Soft credit check: Yes Min. Income: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.99% - 17.99% APR	$600 to $50,000 (depending on loan term)	660	2 to 4 business days after verification
Fixed APR: 5.99% - 17.99% APR Min. credit score: 660 Loan amount: $600 to $50,000* Loan terms (years): 1, 2, 3, 4, 5 Time to fund: 2 to 4 business days after verification Fees: None Discounts: None Eligibility: Does not disclose Customer service: Phone, email Soft credit check: No Min. Income: Does not disclose Loan Uses: Debt consolidation, home improvement, transportation, medical, dental, life events
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.95% - 35.99% APR	$2,000 to $40,000	640	As soon as one business day
Fixed APR: 6.95% - 35.99% APR Min. credit score: 640 Loan amount: $2,000 to $40,000 Loan terms (years): 3, 5 Time to fund: As soon as one business day Fees: Origination fee Discounts: None Eligibility: Available in all states except IA, ND, WV Customer service: Phone, email Soft credit check: Yes Min. Income: None Loan Uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.74% - 19.28% APR10	$5,000 to $100,000	Does not disclose	3 business days
Fixed APR: 4.74% - 19.28% APR10 Min. credit score: Does not disclose Loan amount: $5,000 to $100,000 Loan terms (years): 2, 3, 4, 5, 6, 7 Time to fund: 3 business days Fees: None Discounts: Autopay Eligibility: Available in all states except MS Customer service: Phone, email Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Solely for personal, family, or household uses
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	5.94% - 35.97% APR	$1,000 to $50,000	560	Within a day of clearing necessary verifications
Fixed APR: 5.94% - 35.97% APR Min. credit score: 560 Loan amount: $1,000 to $50,000* Loan terms (years): 2, 3, 5, 6 Time to fund: Within a day of clearing necessary verifications Fees: Origination fee Discounts: Autopay Eligibility: Available in all states except West Virginia Customer service: Email Soft credit check: Yes Min. Income: Does not disclose Loan Uses: Debt consolidation, credit card refinancing, home improvement, and other purposes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.37% - 35.99% APR4	$1,000 to $50,0005	580	As fast as 1 business day6
Fixed APR: 4.37% - 35.99% APR4 Min. credit score: 580 Loan amount: $1,000 to $50,0005 Loan terms (years): 3 to 5 years4 Time to fund: As fast as 1 business day6 Fees: Origination fee Discounts: None Eligibility: Available in all 50 states Customer service: Phone, email Soft credit check: Yes Min. Income: $12,000 Loan Uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes
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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

What is an auto repair loan?

An auto repair loan is generally any loan that can be used to cover car repairs. A personal loan, for example, could be a good auto repair loan option — especially since you might be able to get one relatively quickly compared to other types of loans.

Here are a few perks to keep in mind:

• No collateral required: Most personal loans are unsecured, which means you won't have to worry about losing your assets if you can't make your payments.
• Funds come in a lump sum: If you're approved, you'll receive the funds as a lump sum that you can use for your auto repairs.
• Typically fast funding: The time to fund for a personal loan is usually a week or less — though some lenders might get you your money in as little as one business day.

Keep in mind: While you'll likely need good to excellent credit to qualify for a personal loan, some lenders offer loans for bad credit, too.

If you decide to take out a personal loan for auto repairs, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

How to apply for an auto repair loan

If you're ready to apply for an auto repair loan, follow these four steps:

1. Shop around and compare lenders: It's a good idea to consider as many lenders as you can to find a loan that fits your needs. Be sure to compare not only interest rates but also repayment terms and any fees charged by the lender.
2. Choose the loan option you like most: Once you've compared lenders, pick the loan option that works best for you.
3. Fill out the application: You'll need to complete a full application and submit any required documentation, such as tax returns or pay stubs. Be sure to provide accurate information and get any paperwork back to your lender quickly to streamline the process.
4. Get your funds: If you're approved, you'll need to sign for the loan so the lender can send you your money.

It's also a good idea to consider how much a loan will cost you over time. Before you borrow, estimate how much you'll pay for a loan using our personal loan calculator below.

Enter your loan information to calculate how much you could pay

Loan amount ? Enter the total amount borrowed $

Interest rate ? Enter your annual interest rate %

or

Loan term ? Enter the amount of time you have to repay your loan years

With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.

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Auto repair loan frequently asked questions

Here are some answers to frequently asked questions about auto repair loans to help you decide if they're right for you:

Where can you get an auto repair loan?

There are several types of lenders that offer auto repair loans, including banks, credit unions, and online lenders. Some online lenders even offer same-day funding.

Other options include payday loans, pawn shop loans, and car title loans. However, these sorts of loans should only be used as a last resort, as they typically come with astronomical rates and fees. Generally, using a personal loan for auto repairs is a much less expensive option.

Learn More: Where to Get a Personal Loan

What can an auto repair loan cover?

Auto repair loans can be used to pay for almost anything related to car repairs. For example, you might use an auto repair loan to cover new tires, a transmission replacement, or a broken windshield.

Be sure to borrow only what you need to keep your future costs low. While an auto repair loan could technically be used to pay for upgrades (like fancy rims or a new sound system), keep in mind that you'll have to pay back however much you borrow along with interest.

Is an auto repair loan better than using a credit card?

This depends on your situation. If you can take advantage of a credit card with a 0% APR offer and are able to pay off your balance by the time this period ends, you won't have to pay any interest. However, if you're unable to repay the money in time, you could be stuck with hefty interest charges.

The interest rates on personal loans, on the other hand, are often much lower than what you'll pay with a credit card. For expensive repairs that could take some time to pay off, a personal loan is likely the better option.

Can you get an auto repair loan with bad credit?

While many personal loan lenders require you to have good or excellent credit, there are some that offer bad and fair credit personal loans.

If you can't qualify on your own, getting a cosigned personal loan could be another option. Not all lenders allow cosigners on personal loans, but some do. Even if you don't need a cosigner to get approved, having one could get you a lower interest rate than you'd get on your own.

Check Out: No-Credit-Check Personal Loan

What are some alternatives to auto repair loans?

If an auto repair loan doesn't seem right for you, here are some alternatives to consider:

• Credit card : If you only need to cover a small expense, a credit card could be a good option, especially if you can use one with a 0% APR introductory offer.
• Home equity loan : With a home equity loan, you can access the equity in your home. You'll get the funds as a lump sum that you can use as you wish. However, unlike a personal loan, a home equity loan can take weeks to process — which makes it a less viable option if you need to make your auto repairs right away. Also keep in mind that if you can't make your payments, you could lose your home.
• Home equity line of credit (HELOC) : A HELOC is another way to tap into your home's equity. Unlike a home equity loan, a HELOC is a type of revolving credit — you can repeatedly draw on and pay off your credit line, similar to a credit card. Just remember that your home could be at risk if you can't keep up with your payments.

Keep Reading: $5,000 Loan

About the author

Lindsay VanSomeren

Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.

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Can You Get a Loan to Fix Your Car

Source: https://www.credible.com/blog/personal-loan/auto-repair-loans/#:~:text=Rates%20and%20Terms-,What%20is%20an%20auto%20repair%20loan%3F,to%20other%20types%20of%20loans.

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