Car repairs are expensive and they tend to come at the most inconvenient times. Many people find that when it comes to car repairs, it is difficult to scrounge up the money to pay for them. However, most people don’t realize the options they have when it comes to paying for necessary car repairs. If you’re looking for easy ways to afford repairs to your vehicle, here are a few options.
1- Dig Into Your Savings Account
If you’re lucky to have extra money sitting around in a savings account or rainy day fund, this is a great place to start when needing to pay for repairs. Even if you’re only able to pay for part of the repairs to your vehicle, a savings account can make the remaining repairs more affordable or manageable.
For those who have a savings account available to them, this may help to pay for some or all of the repairs. However, if you don’t have a savings account or need the money in your savings account for other necessities like food or rent, then it may be time to look at other viable options.
2- Use a Credit Card
A credit card allows you to pay for the items you need now while paying the balance back at a later time. Many credit cards offer rewards, like cash back, for choosing them over other payment options. In order to get a credit card, many companies simply require you to fill out the paperwork with some quick information and a credit card can be on its way in just a few days.
Although credit cards tend to be high interest, as long as you pay the balance back in a reasonable amount of time or by the due date, there are no penalties. This makes credit cards an excellent option for those who need money for necessary repairs to their vehicle but don’t have the cash immediately available.
3- Sell Unused Items
If you’re more interested in having cash on hand to pay for your necessary repairs to your vehicle, search around the house for unused or unliked objects. If you have enough time, you may want to consider a garage sale to get rid of your unwanted junk. This will give you cash on the spot to pay for repairs.
If you don’t have enough time to hold a garage sale, you may want to consider faster outlets, like selling online or bringing your items into a consignment shop. Many consignment shops will buy new or gently used items like clothes, home decor, and accessories.
4- Payday Loan
A payday loan is similar to a credit card as it gives you money in advance to spend on necessities; however, while a credit card can be used over and over again without first checking with the credit card company, a payday loan is a one-time-use.
Payday loans allow you to get money for life expenses like repairs once. If you need more money in the future, you will need to go back to the company. Payday loans also come at a very high-interest rate, and failing to pay back the balance by the due date will result in large fees and interest. However, it can give you money immediately for repairs.