If you need major auto repairs, but aren’t prepared for the cost, auto repair financing is an option. It can be a beneficial tool for many drivers, but it isn’t always the best idea. MileOne Autogroup is highlighting when you should consider auto repair financing and how it works.
What is Auto Repair Financing?
Issues can pop up with vehicles at any time, and it doesn’t always happen at the most opportune time. With auto repair financing, you can get the work you need done now and then pay for it over time. We offer multiple flexible financing options, which vary between dealerships.
How Does it Work?
We offer a simple credit application for auto repair financing. It takes less than a minute to apply, and you’ll receive a quick credit decision, with no hard credit check required. You can apply for paperless billing and make online payments 24/7. If you pay your total cost in three months or less, you won’t owe any interest on your loan.
Should I Get Auto Repair Financing?
Auto repair financing is undoubtedly convenient, although it isn’t a fit for everyone. Financing can be a good idea if you know that you can pay off the loan in less than three months, because you won’t have to pay the added interest costs.
That being said, consider your car’s age and weigh its value against the repair cost. If you’re financing repairs that are close to the car’s value, it’s worth considering getting a new car instead. Generally, experts recommend trading in your vehicle instead if repair costs outweigh half of its trade-in value.
Schedule Auto Repairs in Silver Spring, MD
If your vehicle needs serious repairs, we can help. We offer auto repair financing at each of our 68 convenient locations throughout Maryland, Pennsylvania, Delaware, Virginia, and North Carolina. Reach out to your nearest MileOne Autogroup location and schedule repairs today!