It is difficult when your car breaks down, and you have no money to get it fixed. Many people feel entirely helpless in such a situation, but you don’t have to be. If your car ever breaks down and you don’t have money, here is what you can do:
- Find Out How Much It Costs
If your car breaks down First of all, try to figure out exactly how much money you will need to fix the car. You need to make sure that you don’t just guess because you could end up underestimating the cost and having to look for an additional sum later. Estimating the repair cost would give you an idea of how much you need to seek from external sources to make the repair.
You should go to a well-experienced mechanic to get official documentation of the repair’s cost. You might need to tender this to get a loan or salary advance. Getting an official estimate would also ensure that external sources willing to give you money won’t give you an amount lesser than what you need for the repair.
- Check If You Have Insurance or Warranty to Cover It
If you want to get your car repaired—whether you have money on hand or not—you should check if you have a car warranty or insurance to cover the repair. You should also determine whether your insurance or warranty can cover the kind of repairs your car needs. If it can, then you might not need to pay money out-of-pocket to get your car repaired. Even if it’s not able to cover the full cost of the repair, it should be able to cover a certain percentage of the repair’s cost.
For the rest of the cost not covered, you could get access to quick money or borrow money from others to complete the payment. It is very important that you do your research when you want to repair your car with your insurance or warranty coverage. This is because understanding how exactly warranties and insurances work can be a bit tricky.
A breakdown caused by manufacturing defects will likely be covered by your warranty, while an accident not related to that might not. If you got into a collision, the repairs could be very expensive, but you don’t know if your insurance policy would be able to cover the total cost or just a percentage. You should consult with your lawyer, car dealership, or insurance broker to get a good insurance or warranty to cover your car repair costs.
- Getting a Quick Loan
Getting a quick personal loan if your car breaks down is one of the fastest and easiest ways for you to get money to repair your car when you are broke. But even though getting a quick loan is quick, like the name implies, it might not be easy to get if you have a poor credit record or you are without a job.
When opting for quick loans, you should try to do some research to discover companies that offer this kind of loan at affordable rates. You should also verify the loan companies to be sure they are legitimate, not scams.
The best banks will require that you have a stable income source to qualify for this type of loan. You will also need to show some sort of proof of where you live and your current monthly expenses to qualify. Many of them are based on a 15% interest rate. This means that if you have a decent monthly income, you’ll be able to pay back the loan without stress.
When filling your quick loan application, you’ll need to provide personal information like your name, address, credit details, monthly income, and job status.
Once you fill out this information, the lender will verify the details and get back to you on the status of your loan in no time. The best thing about quick loans is that they usually have high and fast approval rates. Before signing up for your loan, you should read through the terms and conditions to avoid falling victim to ridiculous charges and rates. If you have a very good credit score, you may be able to get a low-interest no-risk auto title loan.
With a bad credit history, you can still opt for bad credit loans. Bad credit loans are made by lenders that have a good reputation and offer loans to people with bad credit history. These lenders will offer a good deal of interest rates, and they can also get quick approval for these loans if the customer can pay off the loan in time.
- Use Your Credit Card to Pay for Car Repair
Even if you don’t have money at hand, you can still take care of your car repair by paying through your credit cards. Credit cards are easy, convenient, and readily available, so you can easily make use of them when you are out of cash, and you need to repair your car. But you can’t make use of a credit card if you don’t even have one—this is why you should apply for a credit card before you even have a need for it.
Various companies and banks offer credit cards, so you just have to find the one that suits your needs. Try to go for cards with low fees and rewards—they are the best. Although credit cards are awesome, they can also be damaging if you don’t use them responsibly. Firstly, if you don’t spend responsibly, you’d fall into debt. Secondly, you’d ruin your credit records. But this doesn’t take away from their advantages; one of which is that you can use them to pay for your car repair even when you don’t have money.
- Borrow Money from Your Family and Friends
If your car breaks down you are facing car repair bills and you have no money, you can easily turn to your friends and family and borrow money from them. Your families and friends might be able to borrow your money to repair your car if the methods above fail. If you have a bad credit record, and you’ve maxed out your credit card, your friends and families might just be your saviour. The best part is that you wouldn’t even have to worry about interest rates, neither would you have to wait for approval before you are given money.
It is not unusual to be broke in these trying times—but not having money doesn’t mean everything should fall apart, or that you should be unable to do simple things like drive your car. If you are broke and dealing with a car that needs repair, the options above are the best way for you to get your car fixed.