The costs that come with car ownership don’t stop with the down payment and the monthly payments you make for your auto loan. Car repairs and maintenance cost a pretty penny, too. Good thing you can count on financial solutions like auto repair financing to help you out when you don’t have enough cash on hand to pay for the mechanic’s services.

Don’t be embarrassed, though. Many car owners are finding themselves having to borrow the money needed to get their car fixed. According to 2017 data from AAA, new vehicles will costa a car owner up to $1,186 per year to maintain and repair. Plus, a recent AAA survey found that one-third of US drivers didn’t have enough cash to pay for an unexpected repair bill. This is why many car owners opt to take out auto repair loans to get their cars back on the road.

If you’re looking for financing options for your auto repair needs, try to go for these financial options.

Credit cards

Credit cards are becoming more commonly used for car repair payments today. Most service centers will gladly accept your credit card if you don’t have enough cash on hand. Finance experts recommend using a credit card that offers cash back or other rewards so you’ll get benefits from using your card. What’s great is that you won’t owe any interest on the expense if you pay off the balance before the grace period ends, which is usually between six to 18 months. Keep in mind, though, that interest rates on many credit cards tend to become excessively high once the grace period ends.

If you don’t exactly have a good credit score or you have a limited credit history, you can apply for credit cards that offer unsecured credit. Unsecured credit cards don’t require a security deposit. You just have to pay the monthly balance, and there’s no need to maintain a balance in your checking account.

Unsecured personal loans

An unsecured personal loan is more ideal for you if you’re anticipating a higher bill from the mechanic due to a major repair or a series of maintenance procedures on your car. You can apply for auto repair loans at banks or credit unions. If you’re pressed for time, though, online lenders are a better option. Online lenders can approve a loan in a matter of hours instead of days.

Personal loans work great because these loans typically have fixed interest rates. This means your monthly payment will stay the same throughout the loan term. Most of these loans also have loan terms of two to three years, so the monthly payments are easier to fit into your budget.

Top Car Repair Financing Options for YouHigh-interest loans

If you’re having trouble securing a personal loan or a credit card because of a low credit score, you can also try high-interest rate loans like payday loans or a title loan. Payday loans let you borrow the money on your next paycheck, while a title loan lets you use your car as collateral. For title loans, you can borrow as much as 25% to 50% of the value of your car, depending on the value of your car in the Kelley Blue Book.

Although these loans may give you the money you need for car repairs, most financing experts advise against these options. The interest rates on these loans are often excessively high, and you may end up in a cycle of unending debt.