Car Trouble? Don’t Let It Derail Your Life.

The best loan for auto repairs depends on factors such as the cost of the repair, how quickly you need the funds, and your current credit profile. Common options include personal loans, payday loans, title loans, and credit cards. A personal loan is often ideal if you want fixed monthly payments and a predictable repayment schedule. Payday loans may work for smaller, urgent expenses if you need same-day or next-day funding, but they often have higher interest rates. Title loans can allow you to borrow against your vehicle’s value up to half or more of its worth¹ but require using your car as collateral.

For smaller repairs, a credit card may offer convenience if you can pay the balance quickly.² Title loans and payday loans tend to have faster approval processes, while personal loans may take longer to fund but can offer lower interest rates depending on your credit. ⁴

Eligibility for auto repair loans varies depending on the type of loan and the lender’s requirements. Many lenders consider your credit score, income, and ability to repay.² Payday and title loan lenders may have more lenient credit requirements than traditional bank loans, but approval is not guaranteed. ⁵

If applying for a title loan, you must be the legal owner of the vehicle being used as collateral, and it should be free of major liens. For unsecured personal loans, you do not need to provide collateral, but lenders typically require proof of stable income and may prefer borrowers with stronger credit histories. ³

If you need urgent repairs, funding speed is a critical factor. Some payday and title loans can provide same-day or next-business-day funding once your application and documents are approved.² Funding speed also depends on the lender’s process, the time of day you apply, and your bank’s deposit policies. Personal loans may take a few days to fund, but some online lenders can expedite the process. ⁵

This depends on your financial situation and how quickly you need the money. A title loan allows you to borrow against your vehicle’s value, which can be helpful if you have poor credit and need funds immediately. However, it requires you to put your car at risk if you cannot repay.¹ Personal loans are unsecured and won’t risk your vehicle, but may require better credit and take longer to fund. ^{2 4}

If your repair is minor and you have good credit, a personal loan or even a low-interest credit card might be more cost-effective. For urgent, major repairs and limited credit options, a title loan may be the fastest route, though it comes with higher risk. ⁵

Yes, some lenders in the Max Cash® network work with borrowers who have less-than-perfect credit.² Even if you’ve been turned down by a bank, alternative lenders may be able to help you secure a short-term loan to get your vehicle back on the road. Keep in mind that loan amounts, interest rates, and repayment terms vary, and approval is never guaranteed. ^{4 5}