Best Auto Repair Financing in 2024

If you have a good or excellent credit score, it may be worth looking into Prosper for auto repair financing. The company offers a low minimum APR of just 8.99% — plus, it has a wide variety of loan amounts and loan terms, which add flexibility when borrowing. That said, if you have a lower score, it may be difficult to qualify — and even if you do, you could see higher interest rates.

Read our full Prosper personal loan review.

Applicants and any co-borrowers must be U.S. citizens and have a credit score of at least 560. They must also be able to provide a Social Security number and possess a personal bank account.

If you qualify, SoFi can offer you up to $100,000 in funds as soon as the same day you apply. Plus, this lender doesn’t require an origination fee and offers loan terms up to seven years, which can help make your monthly payments lower. Still, you’ll need a credit score of at least 680 to apply, meaning that SoFi may not be the best option if you have a lower credit score.

Read our full SoFi personal loan review.

In order to borrow from SoFi, you must have U.S. citizenship, permanent residency or a USCIS number. You must also be able to provide proof of your citizenship status.

Getting a personal loan with bad credit may be tougher — but it’s not impossible. Since Upstart accepts credit scores as low as 300, it’s our best pick for bad credit loans. Still, the borrowing cap is somewhat low compared to other lenders, so it may not be the best fit if your car repair has a big price tag. Further, Upstart’s origination fee can get quite steep, at up to 12%.

Read our full Upstart personal loan review.

Upstart is fairly transparent about its eligibility requirements. In order to qualify for a personal loan through the company, you’ll need to be a U.S. citizen and provide a verifiable Social Security number. You’ll also need to provide your address and prove an income of at least $12,000 per year. However, you may not reside in Iowa or West Virginia.

As long as you’re able to get your loan application submitted to Rocket Loans by 1:00 p.m. ET on a business day, you could be eligible for same-day funding. If that’s something you need, this company could be a good option. It has a relatively low minimum annual percentage rate (APR) and offers an autopay discount. Unfortunately, though, these loans aren’t available in Nevada, Iowa or West Virginia — plus, the origination fee may be as high as 9.00%.

Read our full Rocket Loans personal loan review.

Rocket Loans is pretty vague when it comes to describing eligibility requirements. You will have to be a U.S. resident residing in a state other than Iowa, Nevada or West Virginia. However, beyond that Rocket Loans simply says that your credit score, income and existing debts will be evaluated.

Since the maximum loan amount you can borrow from Discover is only $40,000, it’s our top choice for borrowers who only need small loans. So if your auto repair fits that bill, Discover could be an affordable choice. Its low minimum APR, lack of an origination fee and longer loan terms can help make it easier to afford your monthly payments. However, cosigners aren’t allowed and you won’t be able to borrow as much as you might with other lenders.

Read our full Discover personal loan review.

In order to qualify for a Discover loan, you’ll need to be a U.S. citizen or permanent resident with a permanent address. You’ll also need to have a working email address for the application process and be able to prove that you make at least $25,000 per year.

One of the standout features of Best Egg is that they allow for personal loan prequalification, which allows you to see if you might qualify without harming your credit score. They also have a relatively low minimum APR, which can help keep funding affordable. Yet, at the same time, their origination fee is on the higher end and personal loans with cosigners aren’t allowed.

Read our full Best Egg personal loan review.

Unfortunately, Best Egg loans are unavailable in Iowa, Vermont, West Virginia, Washington D.C. or any U.S. territories. But, if you do live in a state where loans are accessible, you’ll need to be a U.S. citizen or permanent resident with a physical address, a valid email and a working checking account to qualify.

With loan terms up to 12 years, LightStream may be a solid option for those who need more time to pay back their auto repair financing. Since the company allows you to borrow up to $100,000, its loan terms are particularly flexible. That said, LightStream isn’t very upfront about its eligibility requirements, which can make it hard to tell if you qualify. Plus, it has a higher minimum loan amount, meaning it may not be the best fit for those who only need to borrow a smaller amount.

Read our full LightStream personal loan review.

LightStream is fairly vague when it comes to disclosing its eligibility requirements. For one, the company doesn’t disclose a minimum credit score, but does specify that only those with “good-to excellent” credit profiles will be approved. In addition, the company will also take into account your credit history, payment history, debt-to-income ratio and assets.

If you’re looking to submit a joint personal loan application for your auto repair financing, consider PenFed Credit Union — it’s one of the few lenders that allows this type of borrowing. Plus, the company boasts a low minimum loan amount and low maximum APR, which can help keep borrowing affordable. However, be aware that you’ll have to have a strong credit score to be approved, and you’ll need to be a member of the credit union in order to receive your loan funds.

Read our full PenFed Credit Union personal loan review.

PenFed Credit Union chooses not to disclose many of its eligibility requirements. However, you may be asked to verify your identity, input information about your employment and annual income and disclose your reason for needing funding as part of the application process.