How to Borrow Money Wisely for Emergency Auto Repairs
You may live in a city where public transportation is available, but if you are in a more rural setting, you must have a reliable car. You need a car to get to and from work, otherwise, you have no income. If there’s an emergency medical issue like a cut that requires stitches or a fast labor, an ambulance might take too long to arrive or not be warranted, so it’s often best to drive yourself. Without a car, you’re stuck relying on others to be available when you need them. When your car breaks down, it’s essential that you get the repairs completed ASAP. If you’re short on a money, here are some tips on how to wisely borrow the money you need.
Check the Car’s Warranty Coverage and Recall Listings
With things like transmission and electrical failures, if your car is young enough, it might be covered by the warranty. Always check with your dealer to verify this before paying a mechanic. In addition, it’s worthwhile to check the government’s recall site (recalls.gov) to see if the issue you’re having has been reported and is under recall. If it is, the repair is free.
Do You Have Anything You Don’t Need or Use?
Many people have clutter in their homes that they simply don’t use. These unwanted and unused items can bring in cash that helps you get your car fixed in a hurry. You can either avoid taking out a loan or reduce your loan payment by cutting down the amount you need to borrow. Desirable items can range from records you purchased as a teenager to scrap metal that’s been tucked in your garage rafters for years.
Ask Friends and Family for a Loan
When possible, ask your friends or family if you can borrow even a small amount to help reduce the amount you will need to borrow. Only do this if you know they are in a financial position that enables them to help out. Create a document that clearly states how much you borrowed and when you will pay it back. When you do repay the money, get a signed, dated receipt and keep copies of a cancelled check as proof of repayment. The first item shows them you are serious about repayment, and the others eliminate any potential disputes down the road.
Look Into Cash Loans
When you have exhausted all other potential means of paying for your auto repairs, apply for a cash loan. With many lenders competing for your business, you can find a cash loan that meets your terms. You can use the car as collateral to help reduce the interest rate or avoid using any collateral and have a higher interest rate, but no risk of losing your car if you miss a few payments due to other financial emergencies. Search for the best cash loan easily and have the money in hand as quickly as one business day.