Unexpected or emergency car repairs always come at the worst time. Just when you think you’re on the right path financially, you are hit with a huge bill for car repairs that you just can’t afford.
Most people don’t set aside a budget for car repairs, and not everyone is in the position to have an emergency savings fund. Don’t worry, there’s always a way to solve your financial problems. Below are five ways to pay for car repairs in an emergency.
1. Speak to your mechanic
You aren’t the first person who has found themselves unable to pay for a car repair bill. The garage may have a solution for people who can’t pay the full bill immediately. You may be able to pay in installments, or the garage may offer a line of credit for customers in your situation. Be open and honest with the mechanic about your financial situation and they might be willing to help.
2. Take out a payday loan
Payday loans can provide an influx of cash for people with a short-term cash flow issue. Typically, they will provide you with the small amount of cash you need until you are able to repay the loan on your next payday. If you pay the loan off quickly, it will prevent you from running up
3. Sell unwanted items
It is easier now more than ever to list your unwanted goods for sale. Social media selling groups and local selling apps have made it easy for anyone to take a picture of an unwanted item and list it for sale quickly. If you have an old laptop, phone, household goods or other items of value that you no longer use, now is the time to list them for sale.
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4. Look at other garages
Unless the work has already been carried out, you can still get a second opinion from another mechanic. If your bill seems extremely high, this is something you should probably do regardless of your financial situation. Get quotes from at least three garages. Don’t tell the garage how much you have been quoted, and make sure the mechanic knows you are comparing prices with other garages. This may encourage them to lower the price slightly. You might also search for a garage that offers credit or payment in installments.
5. Check your insurance and break down cover policies
Ensure that you carefully take a look through your insurance policy. Are you covered for the type of incident that your car was in? It may be that you are required to take your car to a particular chain of a garage or pay a compulsory excess towards the repairs – but it is certainly worth taking a look.
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