Best Auto Repair Financing in 2024

Funds to help with car repairs

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Best auto repair financing in 2024

Written by Tara Mastroeni | Edited by Kurt Adams and Xiomara Martinez-White | Reviewed March 11, 2024

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderUser ratingsBest for…APR rangeLoan termsLoan amountsCredit score requiredOrigination fee
Prosper logo
(3,639)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Borrowers with higher credit scores8.99% - 35.99%24 to 60 months$2,000 - $50,0005601.00% - 7.99%
SoFi logo
(97)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Borrowers who need larger loan amounts8.99% - 29.99% (with discounts)*24 to 84 months$5,000 - $100,0006800.00% - 7.00% (optional)
Upstart logo
(16,392)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Borrowers with bad credit7.80% - 35.99%36 and 60 months$1,000 - $50,0003000.00% - 12.00%
Rocket Loans logo
(47)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Borrowers who need same-day funding9.116% - 29.99% (with autopay)36 or 60 months$2,000 - $45,000640Up to 9.00%
Discover logo
(1,593)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Borrowers who only need small loan amounts7.99% - 24.99%36 to 84 months$2,500 - $40,000720None
Best Egg logo
(2,494)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Borrowers who want prequalification8.99% - 35.99%36 to 60 months$2,000 - $50,0006000.99% - 8.99%
LightStream logo
(277)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Borrowers who need a longer loan term7.49% - 25.49% (with autopay)24 to 144 months$5,000 - $100,000Not specifiedNone
PenFed logo
(14)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Borrowers who are interested in applying with a co-borrower7.99% - 17.99%12 to 60 months$600 - $50,000760None

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Auto repair financing lenders at a glance

Best for borrowers with strong credit scores

Prosper logo

APR range8.99% - 35.99%
Loan amounts$2,000 - $50,000
Loan terms24 to 60 months
Origination fee1.00% - 7.99%
Minimum credit score560
ProsCons

 Low minimum APR

 Wide range of loan amounts

 Allows for co-borrowers

 High minimum credit score requirement

 Charges an origination fee

 Higher maximum APR

Best for borrowers who need larger loan amounts

SoFi logo

APR range8.99% - 29.99% (with discounts)*
Loan amounts$5,000 - $100,000
Loan terms24 to 84 months
Origination fee0.00% - 7.00% (optional)
Minimum credit score680
ProsCons

 Loan amounts up to $100,000

 Same-day funding available

 APR discounts for autopay and direct deposit

 Higher minimum credit score requirement

 Minimum loan amount may be higher in some states

Best for borrowers with bad credit

Upstart logo

APR range7.80% - 35.99%
Loan amounts$1,000 - $50,000
Loan terms36 and 60 months
Origination fee0.00% - 12.00%
Minimum credit score300
ProsCons

 Low minimum credit score requirement

 Low minimum APR

 Small loan amounts available

 Potentially high origination fee

 Low borrowing cap

 Shorter loan terms

Best for borrowers who need same-day funding

Rocket Loans logo

APR range9.116% - 29.99% (with autopay)
Loan amounts$2,000 - $45,000
Loan terms36 or 60 months
Origination feeUp to 9.00%
Minimum credit score640
ProsCons

 Same-day funding available

 Autopay discount available

 Relatively low minimum APR

 Higher origination fee

 Lower borrowing cap

 Not available in all states

Best for borrowers who only need small loan amounts

Discover logo

APR range7.99% - 24.99%
Loan amounts$2,500 - $40,000
Loan terms36 to 84 months
Origination feeNone
Minimum credit score720
ProsCons

 No origination fee

 Relatively low minimum APR

 Longer loan terms available

 Doesn’t allow cosigners

 Lower borrowing cap

 Higher minimum credit score

Best for borrowers who want prequalification

Best Egg logo

APR range8.99% - 35.99%
Loan amounts$2,000 - $50,000
Loan terms36 to 60 months
Origination fee0.99% - 8.99%
Minimum credit score600
ProsCons

 Next-day funding available

 Relatively low minimum APR

 Prequalification available

 Higher origination fee

 Higher minimum credit score requirement

 Cosigners not allowed

Best for borrowers who need longer loan terms

LightStream logo

APR range7.49% - 25.49% (with autopay)
Loan amounts$5,000 - $100,000
Loan terms24 to 144 months
Origination feeNone
Minimum credit scoreNot specified
ProsCons

 Longer loan terms available

 Large loan amounts available

 No origination fee

 Doesn’t specify minimum credit score requirements

 Higher minimum loan amount

 No option to prequalify

Best for borrowers who are interested in applying with a co-borrower

PenFed logo

APR range7.99% - 17.99%
Loan amounts$600 - $50,000
Loan terms12 to 60 months
Origination feeNone
Minimum credit score760
ProsCons

 Low minimum loan amount

 Co-borrowers allowed

 Lower maximum APR

 Higher minimum credit score requirement

 Must be a member of the credit union to receive loan funds

 Minimum required monthly payment of $50

What is auto repair financing?

Auto repair financing refers to any type of loans used to pay for necessary repairs to a car or another kind of vehicle. While loans specifically meant to cover auto repair financing are few and far between, most personal loans can be used for this purpose.

How to compare auto repair financing

Before choosing a place to get a personal loan, it’s a good idea to shop around. Obtaining quotes from a few different lenders is the best way to make sure you end up with a loan that suits your needs. However, you’ll want to remember to provide the same information for each quote, so you can be confident that you’re making an apples-to-apples comparison.

Here are a few metrics to compare in your evaluation:

APRs: Annual percentage rates (APR) can play a huge role in determining how much you pay over the life of the loan, so it’s important to pay close attention to this one. APR includes your interest rate, plus any fees.

Fees: Personal loan lenders commonly charge a few fees, including origination fees, late fees and returned payment fees. Watch out for a potential prepayment penalty fee, a charge for paying off your loan early. Fortunately, most lenders no longer charge this fee.

Terms: Your loan term — the length of the loan — will also impact how much you spend on funding. In general, longer loan terms come with lower monthly payments, but you’ll pay more in interest charges over time. On the other hand, shorter terms come with higher monthly payments, but you’ll pay less in interest overall. As a rule of thumb, it’s a good idea to go with the shortest loan term whose monthly payment you can still comfortably afford.

Funding timeline: How long does it take to get a personal loan? That depends on the lender. Some can disburse funds as soon as the same business day, while for others it can sometimes take a few business days. Whenever possible, it’s smart to leave a little lag time between when you apply for a loan and when you need to receive the funds.

  Use our personal loan calculator to understand the true cost of your loan, considering interest.

Unique perks: Does the lender offer any unique perks that could benefit you, like an autopay discount or the ability to manage your loan through an app? If so, those should be weighted alongside the other factors when making a decision on your auto repair financing loan.

How to apply for auto repair financing

Now that you have a better idea of how to compare auto repair loan quotes, here’s a closer look at how to apply for this type of financing.

1. Check your credit score

Checking your credit score before applying for a loan can help you get a better idea of how likely you are to be approved, as well as what sort of interest rate you’ll likely receive. If your score is on the lower end, it may be a good idea to work on improving your credit score before you take the plunge.

2. Shop around for a loan

Once you have a better idea of where you stand, it’s a good idea to shop around for a loan. As mentioned above, shopping around involves comparing rates and terms, so you can decide on the loan that best fits you. It’s a good idea to compare three or more quotes before making your final decision.

Unfortunately, not all lenders allow you to prequalify for a loan. Some will require a hard pull on your credit report to determine eligibility, so you may want to keep this in mind when picking lenders to get quotes. Still, be aware that prequalification is not the same as loan approval: You may not receive the exact same rates or fees when you actually apply.

3. Apply for a loan

After selecting the best quote, you’ll need to apply for your personal loan. Every lender’s application process is different, but most will want you to verify your identity, employment information and income. You’ll likely need to submit some supporting documentation, such as a government-issued ID, W-2 and pay stub, along with your loan application.

Further, applying for a personal loan often comes with a hard pull on your credit report. This can temporarily cause your credit score to drop by a few points, so you’ll want to consider your applications carefully. As a general rule, it’s a good idea to only apply for one loan at a time.

4. Close on the loan

Once your lender approves you for a loan, it’s time to sign a personal loan agreement. After you sign on the dotted line, the funds will be disbursed, usually by either direct deposit or check.

How we chose the best auto repair financing

We reviewed more than 25 lenders to determine the overall best eight auto repair financing loans. To make our list, lenders must offer loans with competitive annual percentage rates (APRs) From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide unique perks to customers, like autopay discounts.

Frequently asked questions

Yes, you can get financing for an auto repair. Although specific auto repair financing loans are few and far between, most personal loans can be used to fund vehicle repairs.

Yes, you can get financing for an auto repair even if you have bad credit. Some lenders on our list accept applicants with lower credit scores — however, typical requirements can vary. You may want to consider our list of the best bad credit loans for more options.

It’s possible to pay for auto repairs in installments by getting a personal loan. Once you do, you’ll be able to make fixed, monthly payments on the amount that you’ve borrowed.

*Pricing Disclosure:
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.