How Can I Finance an Engine Replacement?
Whether your engine blew due to overheating, a serious car accident, or even mechanical failure, fixing it as soon as possible is imperative. While it is possible to install a new engine on your own, many car owners prefer to skip the DIY method and head straight to the professionals. Replacing a car engine is no small feat, and it isn’t very cheap to let the mechanics handle it. The average cost of replacing a car engine is between $4,000-$10,000 depending on the market conditions and the make and model of your vehicle.
If you don’t have the cash on hand to pay for a mechanic, your next step is likely to find a way to finance an engine replacement and get your vehicle back on the road. Some mechanics or auto repair shops can offer car repair loans or payment programs by working with third party lenders. If your mechanic does not offer a car repair loan and the necessary repairs are not covered under warranty by the manufacturer, some of the other ways to finance an engine replacement or repair include the following:
- Title Loans: A title loan is a secured loan where a borrower will use their car’s title as collateral for emergency funding. Title loans can be a helpful resource to pay for a blown engine, but you will not be able to secure a loan against a vehicle that is not currently in working condition. If you have another qualifying vehicle that is not stuck in the shop, you can use its title to unlock emergency funding through a title loan serviced by LoanMart.1
- Credit Cards: Depending on how expensive it will be to replace your engine and the amount of available credit you have, it can be possible to use your credit card to handle this stressful situation and get your vehicle repaired.
- Personal Loans: Unsecured personal loans can be used to pay for the cost of repairing blown engines and other financial issues. Qualifying for a personal loan can be difficult if you do not have a strong credit history. Car owners with subprime scores may need to consider pursuing other financing options.
Ultimately, the option you choose to repair your car should be aligned with your current financial situation and is dependent on your preferences.
Can I Find a Loan to Pay for a Blown Engine Without a Credit Check?
Unless you are borrowing money from a loved one or relying on a credit card you already have, you will usually need to undergo a credit check to obtain a loan for engine repair financing. With both personal loans and title loans, you can expect to encounter a credit check during the application process, but you will be asked for consent beforehand.
A credit check allows a lender to fully review your financial situation and credit history in order to determine your creditworthiness. The higher your credit score, the less likely you are to to default on a loan, and the lower your credit risk.
While it is challenging to qualify for a personal loan with a low credit score, a title loan can be a different story. Vehicle-secured loans are known for being much more flexible than traditional loans and cater to bad credit borrowers who may not be eligible for personal loans. If you want to learn more about submitting an application, call LoanMart at 855-422-7412 to speak directly with a title loan officer and find out if title loans are allowed in your state.1
Call Our Team
Take the first step and call our toll-free hotline to speak with a specialist.
How to Qualify For Engine Replacement Financing
If a title loan sounds like an ideal fit to handle paying for your engine issues, then understanding how to obtain approval is the next step in your journey. Qualifying for car title loans can be as simple as meeting the requirements and providing several documents to verify your information.1
The requirements for a title loan typically includes the following:1
- Be of Legal Age to Apply for a Title Loan in Your State
- Have a Title to a Qualifying Vehicle in Your Name
- Be Able to Provide Proof of Income
With a title loan, your loan amount is mainly based on your vehicle’s value and your income, so those factors are the most important part of your application. Depending on the aforementioned factors and your state of residence, you can access up to $15,000 through a car title loan serviced by LoanMart!1
In addition to having proof of income and a vehicle title in your name, you will be asked to upload documentation to verify your identity and address. This includes a valid, government-issued photo identification card, such as a driver’s license, and recent utility bills, phone bills or credit card statements to verify your residence. Lastly, a title loan agent will require that you provide a few photos of your vehicle during your application to complete a virtual inspection.1
For your convenience, your documents and photographs can be uploaded through the customer portal or sent to a title loan agent through email or text message. Applying for engine replacement financing can be simple through LoanMart! Upon final approval, you can obtain your money in as little as 24 hours and use your loan proceeds to pay for car repairs.1 3
Get Your Vehicle Back on the Road with LoanMart
With LoanMart, financing your engine replacement through a title loan comes with a few perks:1
- Avoid Upfront Costs of Engine Replacement
- Spread Out Payments Over Time in Installments
- Access a Fast and Flexible Financing Option For an Engine Replacement1
- Quick and Easy Application Process1 3
- Competitive Interest Rates1
If you have a second vehicle that is not in the shop with a blown engine, get started on your title loan application by submitting a short prequalification form online or dial 855-422-7412 today! A helpful title loan agent will walk you through the application process process, and if you are eligible for funding, it’s possible to receive your fast money on the same or the next business day.1 3
