Short term loans for car repairs

What is a car repair loan?

Car repair loans are not a standalone loan product - however, it’s one of the ways in which you can use our short-term loans: to cover the cost of any maintenance on your vehicle.

If you use a vehicle to get yourself to work or to get your kids to school, and especially if you need your vehicle as part of your job, having the money to hand to pay for any unexpected costs can be a big relief.

A short-term loan can be used to pay for:

• general repairs

• servicing costs

• replacing a flat tire or a broken part

• new accessories and parts

• accident damage

It allows you to pay all the costs upfront and spread those costs out, with added interest, so you don’t need to worry about repaying all in one go.

Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%.  Compare Moneyboat loans.

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

What are the pros and cons of car repair loans?

Loans can help you out of a tricky spot, but it’s worth knowing all of the pros and cons before you decide to apply for a Moneyboat short-term loan.

Advantages

• Helps fix your vehicle quickly

• Splits up big repair or upkeep costs

• Easy and quick to set up

• Makes budgeting easier with fixed payments

• Possible to get, even with bad credit

Disadvantages

• Short-term loans might have high fees

• Missing a payment hurts your credit score

• Late payments can cost you more

• Applying for any type of short-term credit will affect your credit report

Can I get a car loan with bad credit?

We consider every application on its individual merit. Just because you have poor credit and have been refused loans elsewhere, that doesn’t mean that you are ineligible for a Moneyboat loan.

Unplanned events may arise from time to time, meaning you get caught a little short. Our short-term loan is designed to help get you back on your feet and our daily interest rate is just 0.79%.

Loans for car repair from Moneyboat

Moneyboat’s short-term loan product is designed to help you out of sticky situations when payday is too far away to cover your costs. Our loan will help tide you over until you can repay it and is even available to be repaid in upto six instalments if you can’t pay it all back in one go.

You could borrow from £200-£800 as a new customer or up to £1,500 as an existing customer, helping to cover any of those unexpected costs that come with owning a car.

• Fully authorised and regulated

• Responsible lenders

• Monthly repayments that can be up to 6 months

• Apply for free

What requirements do I need to meet for a Moneyboat loan?

To be eligible for a Moneyboat short term loan, you typically need to meet the following criteria:

• You must be at least 18 years old and a resident of the UK.

• You need to have a regular source of income to demonstrate that you can repay the loan - this includes full-time and part-time employment with a steady income and does not include those on benefits, or those who have had a CCJ or declared bankruptcy in the last three years.

• You'll also need to have a UK bank account in your name so that the payday lender can deposit the loan funds and collect repayments.

• You must also pass a credit check, which assesses your credit history, searches for a history of CCJs and determines your creditworthiness.

Other payday loan lenders may have even more stringent requirements, such as having never declared bankruptcy or having a good credit score.

Alternative options to car repair loans

Short-term loans are one option if your credit score isn’t too bad and you have a regular income, but there are other options you can choose to help you pay for car repairs:

• Borrow from friends or family

• 0% credit cards

• Guarantor loans

Not everyone is a good fit for applying for a loan, so it's always worth exploring other loan alternatives.

Representative Example

Based on the last working day of each month

Interest rate 288.35% pa (fixed) Representative 1,267.9% APR

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.

Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative APR 1,267.9%. Compare Moneyboat loans.

*Our guide to financial promotions: https://www.moneyboat.co.uk/fi...