Benefits of Auto Repair Financing: A Guide

Transmissions fail. Alternators go kaput. Dum-dums rear-end you at a 4-way stop sign. As a car owner, you know both routine and unpredictable vehicle repairs are just part of doing business. However, that doesn’t mean routine service or a surprise car repair can’t be a burden financially – especially if you’re one of the 49% of Americans living week to week, paycheck to paycheck.

So, what do you do when you can’t afford to pay for an emergency auto repair? Try financing directly through your auto body shop or service center. Many places will set you up with a payment plan that allows you to pay for autobody service in installments.

Here’s what you need to know about car repair and auto body shop financing programs:

Offset Insurance Deductibles

If you have a high-deductible car insurance policy, you’ve been enjoying lower monthly premiums; but when you crash your car, crack a windshield or get stuck in a Kansas City hailstorm, that high deductible might bite you on the you-know-what.

Instead of dipping into your emergency rainy-day fund, you can finance your car repairs and make monthly payments over time. For example, a $1,500 deductible for auto body work can be spread out over the course of 24 months, costing you as little as $69 per month. That may be much more manageable.

Safer than “Payday Loans”

Those predatory “cash advance” loans are just never worth it – you’d be better off selling your car and taking the bus. Some payday loans impose humungous annual percentage rates on applicants, forcing them to pay anywhere from 200% to 780% (!!!) in interest. And that’s not even mentioning the late charges.

Qualified applicants can get a good APR on car repair loans from auto body shops that do payment plans. In fact, some of these auto repair loans can have interest rates that are comparable to credit cards (anywhere from 10% to 36%).

Our McCarthy Collision Centers are also proud to provide these financing options with complete transparency. That means no hidden charges, application fees or additional costs. The terms are laid out for you when applying.

Quick Approval

You usually don’t have to wait long to get pre-approved for car repair financing. Customers at our Kansas City collision centers will typically get through the finance application in about 60 seconds. All that’s needed is a state ID, phone number and a valid email address to get started.

High Approval Rate

Whether you’re a single mom in need of car repair assistance or a Wall Street investor down on her luck, you can count on getting approved for financing. About 90% of all our customers are approved on the spot. We’re like a collision-repair church offering financial aid to those in need.

Applies to All Auto Services

You can finance everything from auto glass and windshield replacements to PDR and even official OEM car parts. It’s best to speak with your auto body shop about payment plans that lump all work, products and services into one.

Personalized Payment Plan

Speaking of which, flexibility is the main reason to finance car service and repairs at your dealership. McCarthy customers are guided through all their options to help build a customized monthly payment plan. Essentially, you choose how to pay and when to pay for auto body work.

Want to learn more about our new auto body repair financing program in Kansas City? Give us a call at 1-800-NEW-AGAIN or contact one of our McCarthy Collision Centers in Olathe, Blue Springs, Sedalia, Overland Park or Lee’s Summit.

Posted in Uncategorized | Comments Off on Benefits of Auto Repair Financing: A Guide