Car Repair Loans as Emergency Credit Solutions
Many Canadians who spent money on Christmas gifts will end up paying for them well into 2019. According to a recent survey by Lowestrates.ca, where approximately almost 1400 Canadians were surveyed about the Christmas spending habits, 63% of them would have purchased presents with a credit card, with half of those stating that they would carry a balance on their credit cards into the new year.
The Lowestrates.ca survey also found that that 84% of Canadians set a budget for holiday shopping but 66% stated that they would go over that budget sometimes or all the time. Notably, 16% of Canadians responded that they didn’t have a budget, which means that 82% of Canadians either blow their budget or don’t have a budget when it comes to holiday shopping.
Canadians Don’t Stick to their Holiday Shopping Budgets
Despite warnings, Canadians also don’t follow their budgets. One in 10 Canadians is always carrying credit card debt. While 12% of Canadians take up to four months to pay off their debt, what was most concerning was that 11% of Canadians never pay off their debt and always carry a balance on their credit cards.
Similarly, a new survey for Refresh Financial, done by Leger, found 49% of Canadians aren’t ready for a financial emergency. This survey also found 53% Canadians are living paycheck to paycheck and when emergencies happen 35% stated they would take out a small loan or use their credit card.
With the statistics cited, what happens when Canadians need emergency car repairs or require new winter tires. With credit cards at the max, what are the alternatives?
Vehicle Repair Car Loans Can Save You in a Pinch
Understanding that Canadians will be paying for holiday shopping during a time where their vehicles may require repairs inclusive of new tires, transmissions or other upgrades, GoToLoans.com has created a financing alternative that allows Canadians to take care of their car repairs by using the equity in their vehicles without evasive credit checks. How is this possible? It’s pretty simple.
Instant Repair Loan Approvals for Engine Repairs and Transmission Repairs
With extensive experience in automotive financing, GotoLoans.com has created a program for Canadians who may need some extra money to fix unexpected repairs on their vehicles. Instead of using their credit cards, vehicles less than twelve years old can use the equity built up to pay for their car repairs or tires instantly.
The financing platform is based on the equity of the vehicle. Working with a vast number of vendors including mechanics and tire shops across the GTA, consumers and suppliers of car repairs and tires can simply go to the GoToLoans financing platform and key in a few vehicle parameters including the year and make of the vehicle and its mileage to provide the consumer with an on the spot amount that qualifies the vehicle for financing. It’s that simple. Consumers can have the engine repairs or transmission repair they need to be done without having to worry about carrying more credit card debt or draining their bank accounts on car repairs. After all, isn’t a car repair the last thing that everyone wants to spend their money one. Unfortunately, vehicles are a necessity and it seems that repairs seem to come at the most unexpected time.
With payments ranging from $1/day and flexible terms, consumers can be assured that their vehicle repairs can be done when they need their vehicle the most. As an open financing alternative, consumers can also pay off their auto repairs more quickly, without penalties or additional charges. Consumers can also assess the GTL platform to determine how much their vehicle qualifies for. To get more information, visit www.gotoloans.com