It really sucks when your car breaks down unexpectedly, particularly if you rely on your vehicle to get you to work and back, pick up the kids from school and so on. In many locations, there is no public transport readily available, so a broken down car can present a major inconvenience.
What’s worse is when your car develops mechanical problems, yet you don’t have any money on hand to pay for parts and repairs to be carried out. If you’re in this situation, what can you do to raise some funds in a short time so you can get back on the road again sooner?
Let’s look at some ideas.
Search for a Mechanic Who Offers Financing
It’s not all that common, but some mechanics and auto repair workshops will offer finance on expensive car repairs as a way of attracting your business. It’s a little like car dealerships that offer dealer finance to get the car sale.
You could try searching online for mechanics in your area who offer some type of car repair financing. Alternatively, if you deal with a mechanic you know, you might try discussing your situation with them and see if you can come to some sort of arrangement and payment terms. It doesn’t hurt to at least ask and see what you can work out.
Car Repair Loans Australia
One way many Aussies have managed to get their cars repaired and on the road again is by borrowing the money via a Car Repair Loan. Most lenders in Australia will have some sort of provision for lending money to have your vehicle repaired. Most commonly, it’ll be a type of Personal Loan, where car repairs are specified as the reason for requiring the loan.
Before applying for Car Repair Loans online, be sure to check with the lender to determine that they will lend money for automotive repairs. Each lender is a little different and lending criteria can vary. It’s best to be certain before applying.
If you don’t have the cash and can’t be off the road for any lengthy period of time, then applying for a loan for car repairs is a practical solution.
Borrow the Cash From a Family Member
It’s not always ideal to borrow money from people you know, as it’s far more personal being in debt to a family member or friend as compared to owing money to a bank. However, it is an option and one you might have to try if you’re really desperate to get your car back on the road.
If a member of your family can’t or won’t help you out, you could try asking a close friend. Perhaps even offer to repay the borrowed money with interest and give a firm date that you’ll repay the debt.
If one person can’t lend you all the money you need to get that car fixed, you may have to try borrowing smaller amounts from several people.
You Could Try An Online Fundraiser
There are loads of websites where you can make use of crowdfunding for all sorts of reasons. Some people fundraise to cover medical expenses or emergencies. Others do so to finance projects and business ideas.
If your broken down vehicle effectively makes you stuck and puts you in a very difficult situation, you might be able to garner some sympathy online where people will donate to your cause. Within the details of the fundraiser, you could even offer to repay everyone who contributes when you are financially able to.
Consider a Credit Card
Approvals aren’t instant and you’ll have to wait for your credit card to be prepared and arrive in the mail, but it is one way you can finance your car repairs. The obvious downside is that credit cards attract high-interest rates, but if you can pay off the balance as soon as possible, you’ll be able to keep that amount of interest to a bare minimum.
In many cases, there’s no need to be off the road for too long when your car breaks down. With some persistence and determination, there are always ways to find the money you need to cover car repairs.