Table of Contents

    4 Ways To Cover Car Repair Costs When You Can't Afford It

    Cover Car Repair Costs When You Can't Afford It

    Owning a vehicle is a necessity for many people nowadays. They help people get to work every morning, take kids to school, get groceries, and so much more. However, when a car breaks down, we can’t all afford to get it fixed. Fortunately, there are viable options for anyone trying to pay for car repairs with no money. 

    It’s best to set aside an emergency fund specifically for this purpose, but if vehicle troubles catch you off guard, you might find that you can’t afford car repairs. Keep reading to learn what to do if your car breaks down and you can’t afford to fix it.

    Shop Around To Find A Good Deal On Auto Repairs

    If your vehicle breaks down, you’re probably feeling the pressure to find a solution, and fast. That said, making a quick decision or going with the first repair specialist you stumble upon can end up costing you. 

    Take the time to shop around to find the best deal. Try to get at least three different quotes from reputable shops. You can look up reviews online to learn more about other people’s experiences. 

    If you can’t afford to fix your car, you can also try technical or vocational schools. Since these individuals are still learning, you may be able to get service at a great discount. 

    Borrow Money From Friends And Family

    You’ll want to be extremely cautious of your different options when deciding how to pay for auto repair. After all, if you take a personal loan or a car repair loan, you risk sinking into debt and being unable to pay your monthly repayments. Sometimes asking close friends or family members for some help is the best option to get you back on the road. 

    Be sure you work out the specifics with the person who’ll lend you the money. Borrowing money from family members can be difficult to navigate, so it helps to have clear terms and a repayment goal laid out in advance.

    Pay The Bill Using Your Credit Card

    If you need money to fix your car, consider using a credit card to cover the cost of repairs. You’ll likely be subject to high APR rates with an existing card; however, a new one could offer you 0% APR for the first 12-18 months. 

    A card with 0% APR allows you to avoid interest charges during the allotted time. That’ll give you a chance to catch up on payments. You may even be able to pay off repairs before the introductory period ends. You’ll need to qualify for this financing option, so shop around to find the right offer for you. 

    Apply For Payday Or Title Loans

    Title loans are known to be risky short-term financing options. Although, this might be your only option. The lender will provide you a loan in exchange for the title of your vehicle. Typically, the loan is due about 30 days after funds are distributed. Once paid, you get your title back. Of course, if you fail to make the payment, you might suffer from fees or eventual repossession of your vehicle. 

    Payday loans might be another loan option to help you cover the cost of repairs. These loans are given as a cash advance. You’ll most likely be responsible for the total loan amount by your next payday. Borrowing against a future paycheck can certainly be risky since you have other expenses to bear, so think carefully before choosing this lending product.

    Bottom Line

    The thought, “I need my car fixed but have no money,” can be a scary one. When your car gives you mobility and freedom, it becomes a necessity to your everyday life. When you’re in dire need of funds to repair your vehicle, consider all your options, and be sure to make the best financial decision for your specific situation.