Car Repair Loans in Canada
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Get your car back on the road with a Spring Financial car repair loan
There’s no need to deal with the hassle of being stuck without a functional car when repairs are needed. With a Spring Financial car repair loan, you can seamlessly access the funds you need to handle important fixes. Our quick approval process ensures you get the financial support you need, often faster than what it takes to repair the car itself.
How to pay for emergency car repairs?
Unsecured car repair loans
These are among the least risky and fastest financing options. Loan amounts mostly range from a couple hundred to tens of thousands of dollars, making them ideal for most people looking to cover repairs or alterations, whether aesthetic or functional. These loans’ repayment terms are flexible, even up to 60 months, and their fixed interest rates ensure predictable loan payments.
Secured loans
Secured personal loans are backed by assets like a house, car or other valuable property. While these often feature lower interest due to the involved collateral, it’s imperative to note that you risk losing your asset if you fail to adhere to loan terms. Make sure to consider the risks before you commit, especially if your collateral is something you are looking to repair in the first place.
Emergency funds
Using saved-up funds is often the fastest way to cover an unexpected expense. However, it’s best to assess how taping into those funds will affect your financial security cushion. Contemplate how much will remain in your balance after the payment is processed and whether that amount will still offer the peace of mind and stability you need for future emergencies.
Apply in 3 easy steps
Fill out our secure online application
Say goodbye to branch visits and long queues – everything can be done from the comfort of your device.
Get approved
Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.
3. Receive your funds!
Once approved, receive your funds swiftly through a convenient e-Transfer directly to your bank account!
How do you get the best terms for a car repair loan?
It’s best to start by building a strong financial profile, including strengthening the factors lenders review during the approval process. Those would be having stable earnings that allow one to repay the loan comfortably, minimal existing debt, being the age of majority, and having a solid credit history.
With Spring Financial, you can get the most value out of your car with flexible financing options at competiti
Calculate your payments
How do you get the best terms for a car repair loan?
Personal loans
You can still qualify for competitive financing with poor credit. While eligibility criteria vary by lender, credit isn’t the only factor considered in the approval process. Employment, earnings, debt, and age are usually reviewed too; however, a high score can improve your chances for better terms. If you have time, consider a credit-building program to help increase your score.
Lenders like Spring Financial welcome all credit scores to apply for personal loans. But if improving your credit score is a priority, consider joining Spring Financial’s credit-building program, The Foundation. Designed to boost your credit in just 12 months, The Foundation is available to anyone, as it features a 100% approval rate.
No credit check car repair loans
Loans like payday loans skip credit checks in the approval process. While they often provide instant approval, these loans are often not recommended. It’s mainly because they tend to feature high interest rates, which can reach 400%. These rates could cause the total repayment to far exceed the initial borrowed amount, possibly making them costly in the long run.
You have questions,
we have answers.
Do car loans have a fixed rate?
Yes, car loans typically have fixed interest rates. This makes it easy for borrowers to calculate the total repayment amount over the loan term. With fixed rates, monthly payments remain consistent, making budget planning easier. However, it’s always best to review loan terms since not all lenders offer fixed rates.
Where can I borrow money to fix my car?
Multiple institutions like banks, credit unions, loan agencies, and online lenders like Spring Financial provide loans to get a car repair. Shopping around and comparing interest rates, terms, fees and turnaround times between lenders is recommended if applicable.
What can I use a car repair loan for?
These loans can be used to purchase new tires, get a paint job, cover oil changes, handle routine maintenance, pay off existing car debt or get your car repaired. While rates primarily depend on your financial profile, personal loans in Canada typically have interest rates ranging from 9% to roughly 25%, usually making them cheaper alternatives to other borrowing methods like credit cards.
Can I get a car repair loan to replace my current vehicle with a new car?
While car repair loans are mainly used to finance car repairs or maintenance, such as engine, transmission, or tire replacements, they can also be used for other expenses like a new set of tires. However, a secured car loan is typically used to acquire a new car.
What’s the maximum amount of cash I can get from a car repair loan?
The maximum loan amount depends mainly on the lender and your financial situation. Most personal loans in Canada typically range from around $100 to $50,000.
How do I apply for a car repair loan?
The application process is different depending on the lender. If you’re getting a loan through an auto repair shop, you’ll likely need to provide your vehicle information, proof of income, bank account documentation and personal information, among other things.
If you opt for an unsecured loan from a lending institution like Spring Financial, you’ll likely need information proving your identity, earnings, and creditworthiness, plus a smart device.
Why choose Spring?
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Bank Loans
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Credit Cards
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Payday Loans
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Max Amount
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$35,000
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$50,000
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$10,000
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$1,500
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Interest Rates
From |
9.99%
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9.99%
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$19.99%
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200-450%
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Fully Online Application
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Fast Approval
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e-Transfer
Delivery |
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Max Amount
$35,000 |
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interest Rates From
$9.99% |
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Fully Online Application
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Approval within
Hours |
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Same-Day
E-Transfer |
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Bank Loans
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|---|
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Max Amount
$50,000 |
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interest Rates From
9.99% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
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Credit Cards
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|---|
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Max Amount
$10,000 |
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interest Rates From
$19.99% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
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Payday Loans
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Max Amount
$1,500 |
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interest Rates From
200-450% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
*Information is based on avarages and may vary by institution or lender. It is not intended to address specific circumstances or any individual case.
About Spring Financial
Apply From Your Device and Say Goodbye to Financial Stress
Experience the most convenient and hassle-free loan application, specifically designed for Canadians, by Canadians. Apply, get approved, and receive the funds via e-Transfer, all from the comfort of your device. Say goodbye to long queues and tedious paperwork! Our process is intentionally designed to be simple, fast, and straightforward.