Qualify for a car repair loan today and use the funds for anything you need. Fees get capped, repayments are flexible.
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When you need short-term finance that’s fast to arrange, you can apply and qualify for a car repair loan the same day via Savvy. No matter what you need funds for, smaller cash loans come with clear-cut qualification requirements, fixed and capped fees and applications happen 100% on the web – so they’re lightning fast.
Car repair loans are part of a family of finance products that are designed to provide quick and relatively simple approvals and take advantage of the internet, technology, and rapid money transfers.
Car repair loans also come with a straightforward structure of fees and repayment options are designed for convenience. Repayments can be set for any period between 16 days and one year and borrowers can also request weekly, monthly, or fortnightly repayment terms to match their income frequency. There’s no requirement for the borrower to supply any type of security for their loan either.
Fees for car repair loans are easy to understand and budget-friendly. There are two main types: setup and repayment fees. The first of those is based on a maximum of 20% of your loan amount – and can’t be higher. The second is based on 4% of what you borrow and that’s strictly capped too. Setup fees don’t need to be paid up front: they’re incorporated into your loan amount and you tackle them as part of your repayments during the agreed term.
That means that smaller cash loans become more expensive the longer they run and the more you borrow, so it’s essential to plan applications carefully and repay as quickly as you can comfortably afford. Here are some examples of how loan lengths and borrowed amounts affect costs:
| Loan amount | Loan term | Monthly repayment | Total fees | Total to repay |
|---|---|---|---|---|
|
$1,000 |
2 months |
$640 |
$280 |
$1,280 |
|
$1,000 |
4 months |
$340 |
$360 |
$1,360 |
|
$1,000 |
8 months |
$190 |
$520 |
$1,520 |
|
$1,000 |
12 months |
$140 |
$680 |
$1,680 |
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
