Guide to Personal Loans for Auto RepairGoBear Guides | Helping Filipinos become money smart with unbiased reviews and comparisons
Why use a personal loan for Auto Repair?
Getting a car is one of the great pleasures of life, sadly, the cost of owning one isn’t. At some point, you will have to pay for some kind of an emergency car repair or upgrade your accessories to gain more comfort in your investment. Personal loans for auto repair is one good option to cover all those expenses.
Car repair expenses can range from a simple ₱1,000 fuel cap replacement to a salary-eating ₱60,000 catalytic converter replacement. If emergency funds aren’t available, friends and family also can’t help out with the cost, a personal loan is an option to get you out of the ditch and get you back on the road.
Most personal loans for auto repair have a minimum loan amount of ₱50,000, and for most car repairs, this should be enough if not more than enough. The most common car repair amount ranges around ₱20,000 such as for replacing the ignition coils and spark plugs. For an individual earning at least ₱20,000 per month, GoBear can give you an estimate of your personal loan expenses.
Compare personal loans for auto repair in the Philippines
Auto repair loans with lowest monthly payment
For a personal car loan of ₱50,000 with a loan tenure of 12 months, you can choose among Chinatrust, Equicom, and Security Bank to offer you the lowest monthly payments. Interest rates will be at 1.39% with a ₱4,862 monthly amortisation amount for the whole year.
Auto repair loans with lowest monthly payment
For the lowest total payment, Chinatrust and Equicom personal loans for auto repair are tied at ₱59,840. Adding to the principal amount of ₱50,000 are an interest amount of ₱8,340 and a processing fee of ₱1,500.
What are the requirements for an auto repair loan?
To avail of the usual 1-week approval time for personal loans, your documentary requirements should all be available. A few of these requirements for most personal loans for car repair are:
- Photocopy of 2 IDs
- Proof of billing with your address
- Certificate of employment
- Latest payslip
- Latest BIR form 2316
Benefits of a personal loan for auto repair
Getting personal loans for auto repair is one of the fastest ways to get the funds needed. The application process literally only takes minutes and approval time ranges from 3 days to a week if your requirements are complete and no bad credit is found during your credit investigation (CI).
Disadvantages of getting a loan for car upgrades
Although with using personal loans for car repair, you can expect high interest rates for unsecured loans. You also have to do quite a lot of research to find the best rates and lenders available. Before getting a loan, make sure to find a workshop or talyer that you can haggle with so that you already have a best estimate of how much you really need.
Nonetheless, learning to take proper care of your vehicle will not only lengthen its lifespan, you’ll also be avoiding expensive emergency repairs. Before any of this happens, make a regular schedule with your trusted mechanic to ensure that your car is in tip-top shape.
GoBear Reviews: Compare before you commit advocacy
At GoBear, we want to teach Filipinos to use our comparison tools with instant quotes before going to the bank to apply. Our comparisons offer the highest transparency, allowing you to see how much of the total loan goes to bank fees, interest rates and how much of the loan actually reaches your hands. While GoBear does not have agents to process your application, this startup does not charge a single cent for using the website. When you're ready to apply for your personal loans for auto repair, we redirect your details to the bank or bank provider and they will handle you from there.
Our bank partners and bank providers do not charge processing fees as well and there are no upfront fees. When you apply with our partners, all requirements can be sent via email to them so you won't have to leave your home. When you click through with GoBear, we get a small marketing fee from our partners. And since we don't sell or get commission from helping you compare loans for car repair, you are assured that the values you see in the quotes cards are the nearest estimates from the bank. No commissions on top.
Comparison made easy — that's the GoBear promise.
Are you finding it difficult to find the best personal loans for auto repair? Compare personal loans with GoBear on gobear.com/ph/personal-loan to see a detailed analysis of each available service.