Cover Your Car Repair Costs in New Mexico with an Auto Repair Loan
New Mexico highways and byways are some of the most scenic roads in America but driving in New Mexico can put wear and tear on a vehicle. Drivers in our state rack up a lot of miles, and often experience unplanned breakdowns that leave them sitting on the side of the road. If you have the means to keep a savings account for unexpected repairs, you may be prepared for this situation. Unfortunately, most drivers aren’t prepared for the bills they get when they have to take their cars to the mechanic. The good thing is that auto repair loans can help you cover these costs and get back on the road in no time.
What Are the Most Common Uses for Car Repair Loans?
Drivers often think that their insurance will cover the cost of any repairs they need due to auto accidents. While this may be true in some cases, often high deductibles leave drivers with a bill that they don’t have the funds to pay.
General wear and tear can cause various parts of a vehicle to give out when drivers least expect it. When you purchase a car, it may come with a warranty, but the warranty will generally expire before the costliest components of the vehicle wear out. Drivers often take out auto repair loans for:
- Transmission repairs or replacement. A vehicle’s transmission tends to go out when the owner is least expecting it. The signs that the transmission could be failing are easy to brush off as insignificant, and many people don’t even see this issue coming.
- Tire replacement. We rely on our tires to keep the car safely on the road. The tread patterns help the car maintain safe adherence to the asphalt in severe weather, as well as on dry roads. When tires begin to show the signs of wear, it is time to get them replaced, but top-quality tires come at top of the line prices.
- Emissions test repairs. When our cars and trucks are tested for smog emissions, they must pass to get a clean bill of health. If repairs are necessary to pass these tests, drivers must produce the funds to cover the cost to get back on the road.
- Brake repairs. Almost every driver has had to have their brakes, brake pads, calipers, or some component of their car’s brakes replaced at some point. If you have been through this repair, you know that the parts and labor don’t come cheap, but they are necessary to keep your car safely on the road.
The Benefits of an Auto Repair Loan
When you find yourself in a situation where garage costs are more than you were prepared for, an auto repair loan allows you to pay for repairs without breaking your bank account. The terms of the loan allow you to break these costs down into monthly payments that include the principal and interest in a predictable payment that is easy to budget.
Lenders use your credit history, income, and debt as a base for your loan approval, so you don’t need to put valuable assets up as collateral. This is known as an unsecured loan because the lender is trusting you to make the payments without securing their interests with collateral. If you find that you have the money to pay the loan early, you can do so without pause, as there are no prepayment costs to be concerned about.
The trusted financial advisors at Western Shamrock have been helping New Mexico residents for more than 50 years. We treat our clients as more than just their credit score, getting to know them as friends and neighbors, and helping them make the best decisions for their financial future. When your car needs work done, and you can’t cover the costs with your savings account, a car repair loan is the best choice you can make. Get started on the loan approval process today by filling out our easy application.