Think About These 5 Things Before You Fix Your Car

If you are having trouble with your vehicle, there comes a time when you have to ask yourself, is it even worth fixing the problem? If you’re unsure whether or not you should invest more money in your car or start saving for your next car, we’ve got some tips that might make your decision easier.

To Repair or Not to Repair

When it comes to getting your vehicle repaired, sometimes there’s not much you can do, especially if you’ve been driving a car that has lasted for years. The average age of vehicles on the road across America is around 12 years. This means that there are a lot of people who drive cars that have been on the road for over a decade!

So how do you know if it’s time to trade or track fixes? Ask yourself these five questions to help you decide.

  1. Is driving your vehicle impaired or dangerous to drive? If a problem with your car interferes with operation and / or makes driving unsafe, it is absolutely important to fix the problem so that you can take care on the road. If you can’t drive your vehicle safely, have it checked. This is the solution that could determine whether you invest the money in that car or the next.
  2. Is the vehicle under warranty? It sounds like a no-brainer, but if you have the right warranty coverage, fixing a problem may be the right choice. Even if you ultimately decide you need a newer car on the road, if you have a serviceable problem that’s covered by a service you’re already paying for, like a warranty extension, it can help you make things right so that you have a little more time to save.
  3. Is the repair covered? Whatever the problem with your vehicle, there is no guarantee that a particular problem will be covered under warranty. Warranties are not universal, so if you have a transmission issue and only have bumper-to-bumper coverage, you should check with your service provider first to see if your problem is. is something that is covered.
  4. Is the repair more than the value of the car? If you find that the problem with your vehicle is potentially costing more than the trade-in or current book value of your car, you may want to consider investing in your down payment savings for your next vehicle. If you can fix things cheaply and continue to drive safely, it might be worth fixing it. But if you can’t drive safely until a major repair is done, carefully consider your options.
  5. Can you realistically get another car? It can be confusing if you know it’s time to start the transition to another vehicle, but you’re not sure you can afford it. Often it comes down to whether or not you can get an auto loan. If you drive a used car and it’s time to graze it, you might have more options than you think when it comes to taking out your next auto loan.

Do not let yourself be guessed

If you are unsure whether or not to invest money in vehicle repairs, you must be wondering if this solution would change anything about the way your car drives or your ability to drive it safely. security. All vehicles experience normal wear and tear during their service life. Generally, regular maintenance can help you reduce the need for major repairs, but the older a car, the greater the chance of breakdown.

If the cost of repair is more than the value of your vehicle, it might be time to throw in the towel. However, many repairs can be covered by warranty, which helps you pay for the cost of major repairs when you pay a monthly premium.

New cars come with standard manufacturer warranties, but used vehicles can also be covered. The coverage you can get for a used car is called an extended warranty or vehicle maintenance contract, which is sold by independent insurance agents or third-party companies. They are also often offered to you as a concession if you take out a loan.

Extended warranties are great for peace of mind and can save you money on repair costs. However, a service contract may not be profitable or even sometimes be necessary. Whether the cost is worth it to you depends on the type of person you are.

Find the solutions you are looking for

If you can no longer deny that the time has come to buy a new car, but are worried about your credit situation between you and a car loan, don’t be! There are many auto loan options available, even for people whose credit has seen better days.

When you need a car loan, your first step should always be check your credit reports and get your credit score. If you don’t know where you are at, you won’t know which option offers the best solution for you.

Once you know what your situation looks like, you can figure out where to start looking for your next car loan. Here is an overview of three main options:

  • Direct lenders – Banks, credit unions, and some online lenders are direct lenders. This means that you apply directly to the financial institution and once approved, you receive an approval check or letter that authorizes you to spend up to a certain amount. This is often referred to as pre-approval, and it can be a great negotiating tool. However, it can also be more difficult to qualify for this type of financing with bad credit, as these lenders tend to base eligibility heavily on your credit score.
  • Risk lenders – Subprime lenders specialize in helping consumers with bad credit. These are indirect third party lenders who work with special finance dealers. Subprime lenders have the means to help people with many unique credit situations, including bad credit and no credit. These lenders don’t rely entirely on your credit score, but it can be a factor in their decision. You also do not meet directly with the lender, the dealership’s special finance manager acts as your intermediary.
  • Internal financing dealers – In-house finance dealers go by many names, including buy here, pay here, and note dealers tote. With this type of loan, the dealer is the lender, so they don’t use third-party information like your credit reports in your assessment. Typically, in-house finance packages depend on your income and a down payment to get you in a car.

Of these options, subprime lenders are often the best choice for consumers with bad credit. Not only do they generally offer the best chance of getting approved, but they also give you the ability to repair your credit score by paying off your loan on time. It can be difficult to get approval from a direct lender with bad credit, while some in-house finance dealers do not report their loans to the credit bureaus, but subprime lenders do.

Why subprime auto loans?

Subprime auto loans come from indirect lenders who respond to less than perfect credit situations. These lenders offer auto loans to people who find themselves in difficult and unique credit situations and / or those who have been turned down by traditional lenders from their bank or credit union. They work with a wide range of Special Dealer Financial Services, which gives you a wider range of potential auto and vehicle loan options.

Depending on your situation, you may be eligible for a new affordable car, a certified used vehicle, or a used vehicle. If you get approved, a car loan gives you the ability to build your credit over time with every loan payment you make on time. When these payments are reported to major national credit bureaus, they help build a positive payment history, which represents 35% of your total credit score.

Ready to make your choice?

If the repairs just aren’t worth the cost, maybe it’s time to trade in your vehicle for something more reliable. If you don’t know where to start looking for your next car, you don’t have much to do – we can help you here. Auto Express Credit!

We’ve assembled a nationwide network of Special Finance dealerships that work with subprime lenders to get bad credit borrowers into the auto loans they need. If you are looking to overcome your credit hurdles, simply complete our car loan application form, and we’ll get to work to put you in touch with a local dealer!

About Nereida Nystrom

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