Whilst cars can be great for getting around, they can become expensive to maintain or repair. If you have had a larger than expected repair bill to resolve and you’re not sure how to cover it, we may be able to help at Fast Loan UK. A car repair loan can help you spread the costs of having your car fixed and back on the road quickly, providing monthly instalments that make repaying affordable.
If you do not have the savings to cover the costs, you can apply online today and see if we can help. We cannot guarantee approval, but we may be able to help with a loan of up to £800 for new customers, even if you have a poor credit history. Click apply now to get a decision in principle fast and same day cash where possible if approved.
How to Find Affordable Car Repair Loans
Owning a car is expensive at the best of times, so when things go wrong unexpectedly, it can put a strain on your finances. Unless your car is under warranty, you could face huge repair costs to resolve a mechanical issue, and that’s not taking into account the general wear and tear to tyres, and any accidental damage. At Fast Loan UK, we know that ideally you’ll have emergency savings to one side that can help with any unexpected car repairs, or the bill will be small enough to cover from your wages. However, not everyone will have a substantial amount to rely upon in savings and the bill may come at a time in between paydays.
Whilst it shouldn’t be your first option, car repair loans can be useful for those with no other available choices. At Fast Loan UK, we provide short term loans that our customers can use to help cover emergency expenses and anything unexpected they wouldn’t be able to resolve otherwise. With repayment terms available for up to 8 months for new customers, this provides affordable repayments for those who can afford to borrow.
So, if your car has failed MOT and needs essential repairs to pass, or it has broken down and needs a quick resolution to get back on the road, we’re here to help whenever you need us. Our short application form can be quickly completed, and we’ll then provide a fast decision so you can find out today if we can approve a car repair loan.
Car Loans for Bad Credit Applicants
It can be frustrating for those with a poor credit history when trying to seek financial help, especially when you have car repairs to resolve. Many lenders may not be able to help due to a low credit rating, even if you have plenty of affordability for the necessary repayments on a car repair loan. At Fast Loan UK, we work differently so that we can help many more customers receive the funds they need.
We welcome applicants with varying credit histories looking for car repair loans for bad credit, as long as their financial difficulties are in the past and they have the affordability to sustain monthly repayments. During the application process, you’ll be assigned a Customer Care Manager who will be able to assess your finances and check your affordability. This is also different to how other lenders work as we don’t rely on automated lending methods, instead taking a human approach to help our customers with small car loans when they need them.
If they have any queries about your application, your Customer Care Manager will give you a quick call that should last no longer than 5 minutes. This will be just to confirm the details received and clarify anything before proceeding. If we can determine from your finances that a bad credit car repair loan will be affordable for you, and you can sustain the monthly repayments, we’ll then be able to approve. Hopefully, we can look to provide the car repair loan you need today and get you back on the road fast.
Eligibility for a Car Repair Loan
If you need to apply for car repair loans, you will need to meet our eligibility requirements first. This includes:
1.Aged 18 years or over
2.Current UK Resident
3.Be in Full-time, Part-time or Self-Employment
4.Receive a Regular Income
5.Have a valid Bank Account and Debit Card
As we do not provide 100% acceptance loans, meeting these requirements does not guarantee we can help today. As part of your application, we need to perform credit and affordability checks. As a Financial Conduct Authority (FCA) approved direct lender, we work to responsible lending guidelines. If we cannot determine whether a car repair loan is affordable for you, we will have to decline.
Whilst we do focus primarily on applicants being able to afford the loan repayments, we still need to perform credit checks so that we can see your credit history. If you are seeking a car repair loan with bad credit, we will consider this alongside your ability to maintain and sustain repayments, so we won’t necessarily decline you based on a low credit score.
Apply Now for a Car Repair Loan – Get Approved Today
Ready to see if we can help you today with a car repair loan? Just click apply now and start your application for a quick decision. We’re happy to help answer any questions you may have about our quick cash loans, so please contact us if you have a query.
If you are someone currently experiencing financial difficulties, whilst we unfortunately won’t be able to assist you, please visit Money Helper for more information that may help.
Car Repair Loans FAQs
Will a car repair loan be expensive to repay?
Depending on how much you choose to borrow and what your affordability is, we can provide affordable car repair loans that fit your budget. It’s important to check your current finances so that you can understand what your essential monthly outgoings are. This will help you determine what you can comfortably afford towards repayments. Use our loan calculator to adjust the monthly repayments and you will see the approximate amount including the interest charge. You’ll need to consider the repayment term length before proceeding as you may back more in total the longer you have the loan, however, you will never be charged more than 100% of the amount borrowed.
Representative example:
Borrow: £500 over 16 weeks. 4 repayments of £183.59. Total amount payable £734.36. Interest rate: 151.4% pa (fixed). Representative 766.18.% APR.
Am I guaranteed approval for bad credit car repair loans?
We cannot guarantee approval on a loan, however, we may be able to help those with poor credit histories where other lenders may not. A car repair loan with bad credit isn’t impossible to get, but you will need to ensure the loan is affordable for you. If the issues around your poor credit history are firmly in the past and your finances are in a good place now despite a low credit score, we may be able to help. As FCA authorised lenders, it’s important for us to ensure a loan does not cause further financial difficulties for you, so please only apply if you can prove the loan is affordable.
Will I get same day funds with a car repair loan?
Once approved, we always look to process your loan as quickly as possible. Where we can do so, you will receive the car repair loan funds the same day once you have digitally signed your credit agreement. However, this will depend on the time of day your application was made and if your bank supports Faster Payments. Please be aware applications outside of our business hours may not process until the following working day.