No matter how many miles you put on your car, it eventually needs new tires. As the tread wears down, the tires don’t grip the road very well, making the vehicle prone to sliding or even causing a blowout. When you’re shopping for new tires, whether you want a complete set or a replacement for a flat, you may experience sticker shock; they can cost a lot of money. It can be challenging to afford them when you don’t have a good credit history or a large amount in savings. Luckily there are options available that allow you to finance this purchase no matter what your credit score is.
When looking to buy new tires, you may find that many places offer payment plans, from the large box store to the small town shop. These plans take the total cost of the purchase and spread it out equally over a specific number of months, with the first payment due at purchase. Sometimes this type of plan is offered with 0% interest if paid off within a specific time.
These plans are usually provided in-house and give the owner a lot of flexibility in what they require for approval. Most of the time, it’s not necessary for the store to run your credit. Your income and current bank statement may be all that’s needed for approval.
Another option to consider when you want to finance tires is a rent-to-own plan. Not all companies offer this choice, but it has more flexibility than a payment plan. With a lease, you are required to put a downpayment on the tires the day that you purchase them. You then make monthly payments based on the amount of time your lease requires. At the end of the lease, you can:
- Make the final payment to purchase the tires
- Extend the lease at its low monthly payment
- Trade in the tires for a new set
- Return the tires to the store
Leasing is different from a payment plan because a larger down payment is required, and fees and interest are included in the contract. The advantage is that the monthly payments are often much less and may help if you have some money saved up but not a lot of wiggle room in your monthly budget.
High-Risk Credit Card
If neither of these options fit your needs, there are some credit financing options available. This is essentially a credit card that you can use for this single purchase, and it often has higher interest rates. Occasionally these options are for small amounts and can help cover a portion of the cost if you have some money available for a down payment. This plan requires employment verification and is a good way to establish or reestablish your credit if you make timely payments.
When your vehicle needs new tires, it can be an expensive investment. Without a good credit history, you may feel like your hands are tied. However, different options are available that may allow you to make payments on a new set of tires without running your credit.