Car repair loans

Until it breaks down, it’s easy to forget just how much you rely on your car to get around. But when your vehicle is off the road and in need of repair, even the simplest of everyday tasks can become a major hassle.

Of course, it’s not always easy to find the money you need to get your car going again – which is where car repair loans can help. Let’s take a look at the car repair finance options available and how you can decide which one is right for you.

How much do car repairs cost?

Car repair expenses vary greatly based on the make and model of vehicle, what goes wrong, and where you choose to get it fixed. And even though automotive technology has come a long way in the past few decades, when cars break down, they can be very expensive to repair.

Common issues you may need to get repaired include:

• Smash repairs. Unless you’re covered by comprehensive car insurance, the cost of repairing anything from relatively minor dings through to major body damage can be surprisingly high. To give you an idea of the potential costs, back in 2012 the Insurance Australia Group (IAG) Research Centre compared repair costs for popular small cars involved in a simulated 10km/h collision. The Toyota Yaris was the most expensive to repair, with the combined cost of repairing the front and rear damage coming in at $13,440, or more than 70% of its original purchase price. Even the cheapest car on the list, the Holden Barina, still cost $2,574 to repair.
• Cylinder problems. A broken cylinder is a common mechanical issue for older cars that perhaps haven’t received the love and attention they need in recent years. Regular servicing is the best way to prevent this occurring, but if it happens to you the repair bill could be $8,000 or more.
• Engine. You don’t need to be a rocket scientist to know that a mechanically sound engine is crucial to your car running smoothly. Repair costs vary greatly depending on the engine issues plaguing your vehicle, but if you suffer a blown engine and it needs to be replaced, the bill could be up to $4,000.
• Transmission. The transmission is crucial to the effective operation of your car, so it can lead to significant mechanical problems if something goes wrong with your vehicle’s transmission. It can also hurt your wallet, with repairs generally costing between $1,000 and $2,000 and a full replacement as much as $5,000.
• Head gasket. The head gasket is another critical part of the inner workings of your car, sealing off the cylinder head from the engine block and preventing oil and coolant leaks. A blown head gasket can cause a whole lot of damage to your car – potentially $2,000 worth of damage, in fact.

These are just a few mechanical and body issues that could affect your car. The older your vehicle is, the greater the chance of something going wrong. Add in extra costs like roadside assistance, towing expenses and the cost of ordering spare parts from interstate or overseas, and you could be looking at a sizable car repair bill you simply cannot afford.

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Sunshine Short Term Loans

This is a short-term loan offer with a fast and easy online application for good or bad credit borrowers. You can apply today to get approved for up to $2,000. Get your loan funded in 30 minutes - conditions apply.

• Loan Amount: $2,000
• Loan Term: 9-14 weeks
• Turnaround Time: 30 minutes - conditions apply
• Fees: 20% of loan amount + 4% of loan amount each month
• Bad credit borrowers OK
• Quick & easy Approval

• Bad credit applicants considered
• Fast approval service
• Borrow up to $2,000

Go to site More info

Short term loans you can use for car repair

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Name	Product	Maximum loan amount	Term of Loan	Turnaround time	Arrears Fee	Costs	Fortnightly Repayment (for $1500 Loan)
Sunshine Short Term Loans		$2,000	9-14 weeks	30 minutes - conditions apply	$35	20% of loan amount + 4% of loan amount each month	$396	A small loan up to $2,000 that you repay over 9-14 weeks. Loans approved and funded in as little as 30 minutes.	Go to site More Info	Compare	loading Fetching your data...
Nimble Short Term Loan		$2,000	62 days to 9 months	1 hour - conditions apply	$15	20% of loan amount + 4% of loan amount each month	$372	A loan up to $2,000 with terms up to 62 days to 9 months. Centrelink cannot be your primary source of income.	Go to site More Info	Compare	loading Fetching your data...
Swoosh Finance		$4,584	60 days -12 months	Next business day	$35	$416 + 47% p.a. of borrowed amount		A secured loan up to $4,584 you can apply for in 10 minutes. Have up to 1 years to repay what you borrow.	Go to site More Info	Compare	loading Fetching your data...
Ferratum Cash Loans		$1,900	3 to 12 months	Same day - conditions apply	$55	20% of borrowed amount + 4% of borrowed amount each month	$396	Borrow what you need with loans starting from $500 and approval in minutes.	Go to site More Info	Compare	loading Fetching your data...
Nimble Medium Loan		$5,000	up to 22 months	1 hour - conditions apply*	$15	Application fee of $400 + 47.62% p.a.		Apply for up to $5,000 and have up to 22 months to repay.	Go to site More Info	Compare	loading Fetching your data...

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Car repair loan options

Are you facing an expensive car repair bill to get your car back on the road? If so, there are several finance options available to provide the funds you need to cover your costs. Check out the car repair loan options in the table below:

How to compare car repair loans

Make sure you consider the following features when weighing up your car repair loan options:

• Interest rate. Compare interest rates across a variety of loans to work out how much you’ll be paying in interest charges. Remember also that car repair loans are available with fixed or variable interest rates, so make sure to compare apples with apples.
• Fees. From application and establishment fees to ongoing fees and missed payment fees, make sure you’re aware of all the additional charges that may apply. Consider fees alongside the interest rate to calculate the total cost of car repair loans.
• Repayment schedule. How much will your regular repayment amount be and how often will you have to make those repayments? Is this figure something you can regularly afford to pay?
• Repayment flexibility. Can you make additional payments to pay off your debt ahead of schedule? This feature could save you plenty in interest charges if you come into some extra can afford to repay the loan sooner than expected.

Repairing vs replacing

If you’re stuck with a hefty car repair bill totalling several thousands of dollars, it might be time to look at alternative options. In some cases, you may find you’re better off simply upgrading to a new vehicle rather than forking out a whole lot of cash to repair your current set of wheels.

If buying a new or used vehicle could be a better solution for you and you need finance, start comparing car loans at finder.com.au today.
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