Car repair payments can be a tricky thing to manage, which is why Tennessee Title Loans, Inc. offers flex loans to customers throughout the state, making it easier to borrow the money you need when you need it rather than having to guess in advance how much you will require and taking out too much or too little.

Lines of credit, also known as flex loans, are helpful in many circumstances, so let’s find out more about how they work today to determine whether one would be right for you.

How Do Lines Of Credit Help With Car Repairs?

1.) Flexibility

Lines of credit are useful for various reasons, but one of the most significant is that they allow you to draw up to a certain amount of money without requiring you to take the whole sum at once. For example, if you think you will need $300 for your car repair, you can draw a line of credit up to $1000 and draw the $300 initially. If the bill goes up, you can draw more without applying for a whole new loan.

You will only pay interest on the money you borrow, meaning that you don’t have to pay lots of interest on money you may not need. You can take a small amount and draw more if required. This means that flex loans will often cost less than taking out a large sum and finding you didn’t need most of it.

Because car repair costs may be uncertain, lines of credit can be instrumental when dealing with them. If you find out that the repair costs less than you expected, you can take out less money, and if it costs more, you can draw as much as you need, up to your limit.

2.) Use Only What You Need

Our lines of credit offer up to $4000, depending on your circumstances, giving you plenty of flexibility when paying for car repairs. You can pay back and re-borrow money as long as the line of credit is open, so you have access to the money “on demand,” and it’s there whenever you need it.

This massively speeds up the process because you have the money available whenever needed – not just when your loan gets approved. If you take out a traditional loan and then find that you need more money, you might be unable to pay the bill and have to take out another loan.

What Do You Need For A Line Of Credit?

We have kept the process simple regarding a line of credit, and we only require a few items for you to be eligible. First, you need a current, state-issued ID with your recent photograph. A driver’s license will work, as will a passport.

You will also need the lien-free title to your vehicle and the vehicle itself ready for inspection. The vehicle’s title must be registered in your name to be accepted.

Finally, you must show proof of income, such as a recent pay stub. These things will all be used to assess your eligibility for a line of credit and help determine how much money you can borrow.

If you are approved for a line of credit, you will receive the money very quickly; we provide it on either the same day or the following working day. That means you don’t have to hang around and wait for the money to come in before you can start getting your car repaired. This could be significant if you depend on your vehicle for work or running errands.

Find Out More Today

If you’ve decided that a line of credit could help you take care of essential car repairs, you may be able to get one from us at Tennessee Title Loans, Inc. We offer this option to many different people in all kinds of circumstances and it can be a handy tool when you are facing bills of an uncertain nature.

Car repairs are notoriously expensive, and sometimes, you won’t know how much it will cost before you borrow the money – which can lead to complexities, delays, and stress on all sides as you try to work out payment. You don’t want to take out more than you need, but you also don’t want to end up with too little; this is where a line of credit can be beneficial.

If that sounds good to you, you can use our online form to start the process and get one of our agents to call you back about getting a line of credit. It’s quick and easy, and we don’t require too much paperwork.

 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.