by Susan Paige
When some car parts begin to fail, they present symptoms that owners can see, smell, hear or feel. Then, because of those signs, individuals will know they need to promptly take action to ensure their rides don’t break down and leave them stranded on the side of a road. However, car parts sometimes malfunction or break unexpectedly. These types of issues often catch people off guard and with no money for repair or replacement.
Of course, consumers have options for preparing for unexpected car repairs. They can allow a mom-and-pop mechanic shop to do their work. Perhaps the owner will give them a discount for keeping business local. Car owners can also look into Protect My Car reviews and get warranties for their cars. Then again, if a person really wants to keep the costs down, they can take a do-it-yourself approach repairing systems and replacing parts.
The following are some ways to fund unexpected auto repairs. These strategies can help ensure unforeseen car problems don’t wreak havoc on your finances.
Obtain a Car Warranty
When a vehicle is brand-new, many of its components and systems are protected by manufacturer warranties. However, those safeguards will expire after a particular number of years or when the car reaches a certain amount of miles. Then, if you don’t take any action, you could be on the hook for expensive repairs.
This is why it’s a good idea to look into getting a car warranty even before the manufacturer’s warranty expires. This way, you can make sure that you won’t pay too much out of pocket even for major car repairs. For example, research shows that a transmission replacement can run between $3,500 and $5,000.
Save for Auto Repairs
Is your car fairly new and still covered by manufacturer guarantees? That’s fine, and it means that you’re in good hands short-term. But what about later? When the securities run out, you could be in a world of trouble.
For instance, it could cost you $6,000 or more when the battery on a hybrid vehicle finally needs to be replaced. That’s why you should start saving now before it even gets close to that point. Then, the hope is that by the time the battery starts to show signs of needing replacement, you’ll have the cash to rectify the situation.
Seek Auto Repair Financing
Selecting a large corporation or franchise can have its advantages. That’s because they tend to have the backing and resources to finance auto repairs. Hence, if funding is an issue after unexpected car problems enter the picture, think about choosing a place with those capabilities. The company will likely run your credit to see if you qualify, so you’ll want to have details like your social security number and driver’s license on hand.
However, if you go this route, keep in mind that you’ll spend more on the repair than you would if you paid cash. That’s because of the interest rate you’ll be charged. But still, if you’re in a pinch, a mechanic that offers financing for repairs may be the perfect solution.
Crowdfunding Can Work
Is there a compelling story behind why you need the money for auto repairs? Will it pull people’s heartstrings and make them want to donate? If you’re willing to share such a story, crowdfunding might be an excellent way to raise funds for car repairs. You can set the fundraiser up through a site like GoFundMe.
Suppose you’re interested in taking a different approach and have tons of fans, friends, or followers on social media. In that situation, you can use Facebook, Twitter, Instagram, or other platforms to tell your story and collect money.
Get a Loan From a Friend or Family Member
People don’t always like to borrow money from friends or family members. But if you have no other choice and need your car to take the kids to school and yourself to work, do you really have an option? Just be sure to get the terms upfront. Ask about things like interest, payment due dates, and late fees to see how the person expects to be paid.
If you accept the loan, always try to make your payments on time. And, if for some reason you can’t pay, or the money will be late, get in touch with the individual and tell them what is going on.
Visit a Payday or Title Loan Company
Do you only need money for auto repairs until your next paycheck? Then, will you be able to repay the amount in full? That’s an excellent way to prevent interest from accumulating on a loan.
It might be worth considering visiting a payday loan company if you need cash quickly. Providing that you qualify, you can have the money in your hands in the blink of an eye. Once you get your next paycheck, you can repay the amount in full or make a payment; the choice is yours.
It may also be possible to obtain the money you need for auto repairs via a title loan company. You’ll provide this business with your vehicle’s blue slip as collateral for cash. A title loan can also be repaid in full or by affordable payments.
A Few Final Thoughts
Unexpected auto repairs can arise at a moment’s notice and cause you grief. However, by planning accordingly and using these tips, you should be able to afford problems as they pop up. Look into these options today and ensure repairs don’t throw a wrench in your budget later.