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When your car breaks down, you know your wallet is about to take a hit.
In 2021, Americans spent a whopping $194.9 billion on car repairs, with the most common repair, a catalytic converter replacement, costing $1,355 on average. You never know when car problems are going to occur and costly repairs can crop up without warning. So, how on earth do you prepare for emergency car repairs?
Today, we’re going to give you a few tips for how to finance car repairs without putting yourself into too much debt. Most Americans need their cars for daily errands, whether it’s going to work or picking the kids up from school, so keep reading and we’ll tell you what your options are.
Loans for Car Repairs
The fastest way to deal with your car repairs is to take out a personal loan. You can get as much money as you need and pay it back over a set period of time, which takes the immediate financial burden away.
Different lenders offer different terms, but this company will ask you what you need and put you in touch with different lenders. You choose the one that best suits your needs and you can quickly deal with your car repairs and get back on the road.
Financing From Mechanic
Depending on the mechanic you take your car to, you may have the option of financing directly from them. Since repairs can be expensive, many mechanics partner with lenders to offer store credit cards or repayment plans to help you financially.
It’s important to look at how much interest you’ll be paying when you sign up for one of these. In many cases, it’s going to be cheaper, in the long run, to take out a separate personal loan because they tend to have more flexible terms.
Build an Emergency Fund
In an ideal world, you would’ve started your emergency fund before your car broke down. If you’re reading this and your car hasn’t broken down yet, start setting money aside ASAP.
Putting a little bit of money from each paycheck into an emergency fund mitigates the financial hit of car repairs. It’s smart to factor these unforeseen issues into your budget if you can manage it.
Other Fundraising Methods
Another way to make a bit of extra cash for vehicle repair is to sell items that you aren’t using anymore. Whether you do a garage sale or list things through an online marketplace, you can put a dent in the car repair costs while clearing out your home.
If the repairs are particularly expensive, you could take on a side job temporarily. There are plenty of easy online opportunities that can give you a bit of extra cash when emergencies like this strike.
Don’t Let Car Repairs Get You Down
The most important thing to realize here is that there are plenty of ways to cover the cost of car repairs. Whether you take out a loan or get a second job is up to you, but do whatever’s necessary to get your car fixed and back on the road.
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