Can I Get a Loan to Cover my Transmission?

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One of the guarantees of being a vehicle owner is having to repair your car at some point. The more time you spend driving your vehicle, the more repairs it may need over time. Some of the most common car repairs are:

• Brake Pad Replacement
• Tire Rotation and Replacement
• Oil Changes for Maintenance
• Transmission Repairs

If you currently find yourself in the situation of needing to replace or repair your transmission, you may be worried about the cost. You may even be asking yourself, “can I get a loan to cover my transmission repairs?” The answer is yes! Thankfully, you could have a lot of loan options available to you, even if you are not confident with your credit history.

How Expensive is a Transmission Repair?

Depending on the extent of the repair needs, the cost of the repair may vary. If it is just a simple filter repair, it may not be costly. Replacing your transmission can be incredibly expensive, however. Typically, replacing your transmission can cost anywhere from $1,800-$5,000 depending on your engine and labor costs.

A transmission is responsible for taking your vehicle’s energy and delivering it to the wheels, allowing you to drive your vehicle. It’s one of the most expensive repairs, and often, it’s easier to just replace it with a new one. A transmission replacement can be done at your dealership or local repair shop, but you will need an experienced technician that specializes in transmission repair. You will need your vehicle’s owner manual as well if you do not visit a dealership.

Where Can I Find a Loan to Cover my Transmission?

There are many different types of loans you can apply for to cover the cost of your transmission repairs, but not all loans are created equal. During your search for a loan, you may be tempted to just choose the first available. It’s important to choose a loan that is good for your finances in the long run! This can help save you money on interest costs, so you’ll have more cash available for your car.

Consider the pros and cons of the alternative loans available to you:

1. Personal Loans: Personal loans are a great option for borrowers with a pristine credit history. Since many personal loans are unsecured and do not require collateral, your credit and income are the basis for loan eligibility. Personal loans can be long-term or short-term loans depending on your lender and loan terms. While they are an easy way to borrow money to cover your transmission repairs, you may not be able to qualify for one if your credit is less than ideal.
2. Credit Card Cash Advances: If you currently have a credit card provider, a cash advance could be a potential loan option. Credit card cash advances allow you to turn your available credit line into cash. With a cash advance from a credit card, you will be expected to pay it back with the same interest rate that a regular purchase with your card would have. Simply use your card at a sponsored ATM or apply for the cash advance online. While credit card cash advances are a quick way to get cash, they may have high-interest rates! For a cash advance from a credit card to be an option, you must have an available credit line. Depending on the severity of your repairs, you may not be able to access enough to cover the cost of transmission repairs.
3. Title Loans: A paid-off or a close-to-paid-off vehicle is one of the requirements for a title loan. Title loans are collateral based loans that allow you to access the value in your car and turn it into cash.¹ By using the title of your vehicle as collateral for the loan, you can bypass the need for perfect credit history.

Why Should I Choose a Title Loan to Cover My Transmission?

There are many types of alternative loan options available to you to cover the cost of your transmission repair. You might be wondering, “why should I choose a title loan to cover my transmission repairs”?

The answer is that title loans can offer you more than just funds to help your transmission issues. Take a look at some of the benefits you can take advantage of when you apply for a ChoiceCash Title Loan:

1. Get More Cash for Your Repairs: While credit card cash advances may be able to help you in some ways, they may not be able to cover the entire cost of your repairs. Credit card cash advances can often only allow you to borrow your available credit. With a title loan, you can borrow up to 75% of your car’s value! For a title loan, your loan amount is based upon the value of your vehicle and your income. The more your car is worth, the more you may potentially be able to borrow through a title loan if your income supports it.
2. Payments Start Low, and Can Get Lower²: Wouldn’t you like to get rewarded for being a responsible borrower? ChoiceCash Title Loans was designed with the customer in mind. That’s why there is a reward program for borrowers that are responsible and keep their loan account in good standing! By simply making your payments on time, you could get the opportunity to earn a lower interest rate and payment each month.²
3. Bad Credit is Not Always an Issue: If your credit history is less than ideal, you may be turned down for most traditional loans. Or you may be offered a loan with a high-interest rate that is difficult to repay. With a title loan, your credit history is not the most important part of the approval process. Instead, your vehicle’s value is the most important part of the approval process.

What Types of Documents Will I Need to Get a Loan to Cover My Transmission?

There are a few documents that you will need to submit to be eligible for a title loan. These documents can help verify your information and confirm your vehicle ownership! This speeds the approval process along.

For your convenience, these documents can be submitted online with a loan agent! You can expect to need:

1. Proof of Income: You do not need traditional income to apply for a title loan. Many borrowers are self-employed, or even using their retirement income. Most future borrowers submit pay stubs or bank statements, but other forms of proof are accepted.
2. Proof of Address: Many future borrowers submit a recent credit card bill or even a utility bill as proof of their residence.
3. Recent Photos of the Vehicle: While most title loan companies will require an in-person vehicle inspection, ChoiceCash Title Loans does not. Instead, all you will need to do is submit a few photos of your vehicle and you can bypass an in-person inspection! Simply take a few photos of the front, back, and sides.
4. Photo ID: To verify your identity, you will need to submit a government-issued or state-issued photo ID. Most future borrowers use their driver’s license, but you can use your passport or military ID if applicable.
5. Car Title: While this may seem obvious, it is the most important document in the bunch! It must be in your name before it can be submitted.

What are the Requirements for a Title Loan?

The requirements for a title loan are much simpler than you might think! For a ChoiceCash Title Loan, borrowers must meet these requirements:

1. You Must Be 18 Years of Age or Older
2. You Must Have a Car Title in Your Name
3. The Vehicle Must Have Equity
4. Your Income Must Support a Loan Payment Each Month

Where Can I Apply for a Title Loan to Cover My Transmission?

With ChoiceCash Title Loans, you could get your cash in as little as 24 hours after you are approved!¹ Applying for a loan doesn’t need to be a hassle. That’s why ChoiceCash Title Loans has a fast inquiry process that is only three steps:

1. Send in a Loan Inquiry Online or Over the Phone
2. Send in Your Documents to Verify Your Information
3. Get Qualified and Get Your Cash!¹

If you can get your cash in as little as one business day, why wait to see if you qualify for a title loan? Get started with ChoiceCash Title Loans today and get your cash!¹ Head over to the website or give a loan agent a call at 855-422-7402.