Cars are an essential part of most people’s lives, but they can be very costly, especially if you need to pay for urgent repairs. Luckily, a car repair loan can give you fast access to cash to fund urgent car maintenance so that you can get back on the road in next to no time.
While car repair loans have many benefits, there are various aspects you need to consider before you apply for one. As a broker rather than a direct lender, Tendo is on hand to guide you through the process of applying for a car repair loan and deciding on the best quote for your unique circumstances. We work with a panel of over 50 lenders who consider applicants of all credit types.
Let’s take a look at what you can expect from repair loans for cars and how to apply for one if you decide it’s the right option for you.
What is a Car Repair Loan?
Repair loans for cars are short term loans that can give you fast access to funds. You can use the cash to cover anything from tyre replacements to full engine repair. The funds are flexible and can be used for whatever urgent car repairs you need, before being repaid in monthly instalments.
The key characteristics of car repair loans include:
- Short term repayments: you can borrow a loan over a period of 3 to 36 months
- Higher interest rates: as a short-term loan, loans for car repairs tend to have higher interest rates than traditional loans
- Online application: apply for a car repair loan using our simple online form
While car repair loans can help you cover urgent expenses, you need to borrow responsibly and make sure you can comfortably meet the repayment terms.
How do Car Repair Loans work?
With the help of Tendo, the lending process for repair loans for cars is quick and easy. We have a simple online form that you can use to apply for a loan, and we’ll use the information to match you with a panel of over 50 lenders. If you accept a quote, you’ll be asked to carefully read and e-Sign an agreement before the funds will be transferred to your account.
Can I apply for a Car Repair Loan today?
Before you apply for a car repair loan, it’s important that you meet the lending eligibility requirements. You need to be at least 18 years old and a UK resident. It’s also important that you are employed (either full or part time) and earn a minimum of £500 net per month, with your income paid directly into your bank account. You’ll also need to have an email address and phone number.
Once you have been offered a loan quote, it’s essential that you carefully read over the terms and conditions to make sure you’re happy. Once you’ve checked over the conditions of the loan (including interest rate and repayment schedule), you can sign the agreement.
What types of Car Repair Loans are available?
There are two main types of loans for car repairs:
- Instalment loans – designed to be paid back in pre-arranged monthly instalments
- Payday loans – these loans help cover your expenses until you are next paid
As a broker rather than a direct lender, the team at Tendo are committed to helping you find the best loan. We work with a panel of over 50 lenders who may be able to offer you a car repair loan in the UK. You can find short term loans with flexible repayment schedules that suit your budget and personal circumstances.
Why Choose Tendo for a Car Repair Loan if you have a bad credit history?
Here at Tendo, we work with a panel of lenders who consider applicants of all credit types. You could be approved for low credit score loans, even if you have been turned down for loans elsewhere. Our service is available 24/7 and is free to use. You are under no obligation to accept any quotes you are offered.
We are on hand to help you throughout the loan process, from applying for a loan to receiving and accepting a quote. You can contact us if you have any questions throughout the process and our team will be more than happy to help.
What to do if you’re struggling with debt
While car repair loans in the UK can be a fast way to access funds, it’s important you understand the implications. If you need financial advice or assistance, it’s advisable to seek help from any of the following services:
If you feel you are struggling, or may struggle with your loan repayments, we recommend you always speak with your lender at the earliest opportunity.
