Your car is a valuable asset in your life. It gets you to work, the store and allows you to explore the United States through road trips. That’s why it’s devastating when your car breaks down. Plus, you have added stress because you have to rely on other people to get around and figure out how to get the money you need to get your car back in good working order. Here are four ways to get money for car repairs.
How to Get Money to Repair Your Car?
1. Personal Loans
While not the quickest way to get money, a personal loan can have the most favourable repayment terms over other types of loans. Many large banks allow you to apply online, so you never have to worry about making an appointment and carrying your financial documents to the bank. Every bank will have different requirements for their loans, but they will all ask for proof of residency, that you have an active bank account in good standing, can pay the loan back and have a decent credit score. Many banks will still work with you if you have a poor credit score. They will usually require you to put up some collateral and give you a higher interest rate.
2. Payday Loan
Many people prefer payday loans because they are fast and easy to get. They’re also a loan of choice for people with little to no credit history. Payday lenders only require identification and proof of income and your bank account. Once the lender approves your loan, which often takes only minutes, you’ll receive your money. The lender will ask for a signed check from you that covers the amount borrowed plus the fees associated, which they will then deduct from your bank account on your next payday.
3. Garage Sale
When you wonder how to get money for car repairs, your first thought likely isn’t to hold a garage sale. However, garage sales can be quite lucrative. You probably have more to sell around your home than you think. Go through your home and garage and find items you no longer use. It could be clothing, jewellery, kitchen items or tools. Make sure everything is clean and in good shape. Set up tables and organize everything, so people don’t have difficulty seeing everything you have to sell. It’s also helpful to take the time to put small stickers on each item that clearly indicates its price. Don’t forget to put signs up around the neighbourhood and post on several social media platforms advertising your sale.
4. Crowdfunding
You might be surprised to find out how many friends and family members are willing to help you get the money you need for your car repairs. Instead of contacting each individual to ask for help, use a crowdfunding site and send out the link. You can set a financial goal and watch the levels grow as your loved ones donate their money. You can give them small tokens of appreciation for helping you or just send them a note of thanks.
A broken-down car is stressful, and you might not have the cash on hand for the mechanic. When you know ways to get money for the repairs, you’ll find your car is back up and running in no time.
