Best Auto Repair Financing in 2024

Best for borrowers with strong credit scores

Best for borrowers who need larger loan amounts

Best for borrowers with bad credit

Best for borrowers who need same-day funding

Best for borrowers who only need small loan amounts

Best for borrowers who want prequalification

Best for borrowers who need longer loan terms

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

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.

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.

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.

*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.