Recent research by Cox Automotive's Xtime found that 63 percent of customers are unable to pay for a $500 auto repair out of pocket, and that 29 percent of primary service recommendations and 71 percent of additional work go unsold because of customers' lack of funds.
There have long been means for these customers to borrow to cover a repair: credit cards, family resources or the last resort — payday or auto title loans with punishing interest rates.
More recently, products specifically devoted to repair lending have emerged. In 2015, financial services company Sunbit began working with dealers to offer quick-approval loans for repairs. In 2018, DigniFi, then known as Confident Financial Solutions, launched a similar product.