Tires are a critical component of any vehicle. They provide the grip and traction required for safe driving, particularly in harsh weather conditions. However, quality tires can be quite costly, and not everyone has the financial resources to cover the expense upfront. Fortunately, there are several financing options available to assist in financing new tires. In this guide, we’ll explore the various tire financing alternatives and discuss how to finance tires.
Types of financing options for tires
There are several financing options available to you when it comes to financing tires. The most prevalent options include:
Credit card financing
If you have good credit, you may be able to use a credit card to finance your new tires. Several credit cards offer financing promotions, such as a 0% APR for a limited time, which may help you avoid interest charges. However, bear in mind that if you cannot pay off the balance before the promotion expires, you may face high-interest rates.
Personal loans
If you need to finance your new tires, a personal loan may be a viable option. You’ll receive a lump sum of money that you can utilize to pay for your tires with a personal loan. You’ll then make regular payments on the loan until it’s completely repaid. Personal loans typically have lower interest rates than credit cards, but keep in mind that you’ll require good credit to be eligible for the best rates.
Financing through the tire retailer
Several tire retailers provide financing options to help you pay for your new tires. These options may include 0% APR for a set period or low-interest rates. Financing through the retailer can be convenient since you can often apply for financing and purchase your tires all in one location.
How to Finance Tires Using Each Option
Credit card financing
Using a credit card to finance your new tires may be a viable option, particularly if you have good credit. Here’s how it works:
- Apply for a credit card: You’ll need to apply for a credit card first. Look for cards that offer promotional financing offers, such as 0% APR for a set period. Be sure to read the terms and conditions thoroughly to understand how the promotional offer works and when it expires.
- Purchase your tires: Once you have your credit card, you may use it to purchase your new tires. Keep track of how much you’re spending to avoid going over your credit limit.
- Make payments: With credit card financing, you’ll make monthly payments on your balance. If you can pay off the balance before the promotional period ends, you’ll avoid paying any interest charges.
When using a credit card to finance your new tires, be sure to use it responsibly. Don’t spend more than you can afford to repay, and make sure you make your payments on time to avoid late fees and harm to your credit score.
Personal loans
Personal loans are a suitable option if you need to finance your new tires. Here’s how they work:
- Apply for a personal loan: You’ll need to apply for a personal loan first. Look for loans with low-interest rates and favorable repayment terms. Be sure to comprehend the fees and any penalties for early repayment.
- Purchase your tires: Once you have your loan, you may utilize the funds to purchase your new tires.
- Make payments: With a personal loan, you’ll make regular payments on the loan until it’s repaid in full. Make sure you make your payments on time to avoid late fees and harm to your credit score.
When applying for a personal loan, ensure that you have good credit to qualify for the best rates. Also, bear in mind that taking out a personal loan will add to your debt.
Financing through the tire retailer
If you’re wondering can you finance tires at discount tire or when you need financing for your tires but have no disposable income, it’s possible to finance through your tire dealer. At CheapTiresAsap, we have partnered with financial providers that cater to those with developed or developing credit starting at 0% APR or 10-36% APR. Our flexible payments plans span 3, 6, and 12 months.
Here’s how it works:
- Pick your tires: Scroll through our extensive catalogue to pick the tires of your choice and add them to cart.
- Select method of payment: When picking your method of payment, you’ll have the option of picking Affirm, one of our partners that offers financing for those with good credit or, Katapult if you have developing credit.
- Make payments: Your tires will be shipped out upon approval and you’ll have the option of making periodic payments that work within your budget.
Conclusion
With numerous financing options available, it’s possible to get those new tires for your car when you’re working within budget. If you’re not able to use your credit and have no access to personal loans, CheapTiresAsap offers credit for all types of customers. You get to choose what works for you and enjoy making payments at your convenience.