No one ever wants to go to their mechanic and hear the dreaded words that their car needs urgent repairs to be operational. Unless you have a second car at home, you need to get your car fixed quickly. However, even though it is necessary, unexpected car repairs can be expensive, especially if you haven’t practiced routine maintenance.
The travel organization AAA conducted a survey. It revealed that common auto repairs cost around $500 to $600 on average, while major repairs can run up to $1,000 or more. At least 1 in 3 car owners reported that they would be unable to pay for unexpected car repairs. Even if you do need car repairs due to an accident and have auto insurance to cover the costs, you will still need to pay a $500 deductible or more depending on your coverage.
So, what do you do when you are faced with unexpected car repairs and don’t have the money to pay for them? We share the four ways you can pay for unexpected car repairs and get peace of mind.
1. Fast Loans
One of the main reasons fast approval loans are gaining popularity for unexpected car repairs is that they allow you to pay your mechanics straight away and spread out the payments over time. If you’re thinking about applying for a fast loan, choose a lender that offers you money instantly with easy terms. You must know the loan amount and the monthly payments you have to make to repay the loan without any complications.
2. Mechanic Financing
Some mechanics partner with lenders and offer their financing options. It can be a payment plan, a credit card, or a fast loan from the lender. Lenders can provide interest-free financing for a couple of months, which is excellent if you can pay off the loan before that period. It’s an ideal option for people who need to get their hands on cash to repair their car quickly.
3. Credit Cards
You can use your credit card to pay for the repairs but ensure that you don’t max out the card. It will limit the amount you can pay for future purchases, and it can take you months to pay off the balance. You can get a second credit card that charges you less interest and has lower monthly payments. It’s a convenient way to pay for unexpected car repairs.
4. Title Loans
You can use a car title loan for a short period and receive money quickly. The lender will give you money in exchange for the title to your car until you repay the loan. Car owners who are having trouble getting financing for car repairs can use this option. However, it can be expensive as lenders charge high interest rates on title loans.
Fast approval loans have shorter repayment terms and lower interest rates, making them attractive when dealing with unexpected car repairs. If your car needs urgent repairs and you need instant cash, you can apply for fast approval loans from Jacaranda Finance today.