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What if I Can’t Afford My Car Repairs?

Few things are worse than having your car break down with no money to get it fixed. Don’t panic just yet. There are options that can help you get the money you need for your car repairs; just make sure to take your vehicle to a trustworthy shop like Auto Correct Car Care to ensure the repairs are done right the first time. Can’t afford your car repairs? Here are a few things you can do that will help.

Reach Out to Family and Friends

Although this option can be embarrassing for some, reaching out to family members or friends for a loan is one option that oftentimes comes without interest. If you take out a loan to repair your vehicle, or if you charge the repairs on your credit card, you may be faced with up to 20-percent interest or more each month on top of the money for the car repair. If you have a trusted family member or friend who would be willing to lend you the money interest-free, this is your best option.

Financial Institutions

If you aren’t comfortable approaching someone you know for the money, talk with someone at your bank next. Your goal is to secure a personal loan with the lowest interest rate possible, but only do so if you’re certain you can make the monthly payments required by the loan. Late payments will have a negative effect on your credit score, so understand the loan’s terms and conditions and triple-check to ensure paying back the loan fits into your monthly household budget.

Alternative Lenders

If you don’t qualify for a personal loan with your bank or other financial institution, you can look into alternative lenders. These are non-traditional lending methods, such as payday loans, that give you money fast – even people with poor credit. The caveat of these financial vehicles, however, is they come with very high interest rates, so you oftentimes pay back the loan plus as much as three-to-four times its value. Only use an alternative lender as a last resort.

Credit Card

Finally, if you have a credit card with a low-interest rate and balance, you can always charge your car repairs, but keep in mind you’ll pay higher interest than you would with a traditional bank loan plus you’ll increase your monthly payment. If you have good credit and can secure a zero-interest card or line of credit, this is the best way to charge your car repairs. As with the personal loan, look for a card or line of credit that comes with the lowest interest rate possible.

Auto Correct Car Care in Finksburg, MD, offers discount specials to our customers because we understand how expensive auto repairs can be. Call us today for more information.

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