5 Ways to Get Extra Money for Car Repairs

What are Some Ways I Can Get Extra Money for Car Repairs?

According to Bankrate, 1 in 3 drivers can’t afford to pay for unexpected vehicle repairs, and almost 8% of drivers will delay paying for routine vehicle maintenance. That comes as no surprise, especially considering that when faced with a hypothetical situation where they had to pay for an unexpected expense of $400 or more, over 24% of participants in a survey said they would have a considerable amount of difficulty handling it.

If you are searching for extra money for car repairs, check out these 5 simple options:

  1. Personal Loans: These loans are typically unsecured, so they are usually tougher to obtain approval for if you do not have a prime credit score. However, if you have a prime credit score and you need a significant amount of money to pay for a blown engine or a new transmission, it may be an option to consider.
  2. Obtaining Financing Through a Mechanic Shop: Some mechanics offer payment places or other types of auto repair financing options, but you must find a shop that is willing to work with you, which can be time-consuming on your own.
  3. Title Loans: If you cannot afford car repairs and your car is in the shop, you may be able to get a title loan if you have a second vehicle that is roadworthy. Title loans are a secured loan that allows you to borrow against the value of your vehicle. If approved, you can get financing to handle car repairs or other expenses.
  4. Borrowing From Friends and Family: If you have friends or family members willing to help you get access to financial help, this may be an avenue to consider. However, keep in mind that borrowing money from an individual and not a lender can often complicate the relationship. According to CNBC, it’s a recipe for disaster.
  5. Getting a Second Job: If you have extra time throughout the week, getting a second job may also be an option! Try taking up a weekend job as a server, or look for seasonal jobs at local storefront locations near you. Home Depot, Lowes, Spirit Halloween, and HomeGoods routinely offer seasonal positions. This may not be an option if you do not have any extra time to spare, however.

What Happens When Your Car Costs More to Repair Than It’s Worth?

Certain repairs, such as transmission issues, can be quite expensive to handle on your own. The average price to replace a transmission is around $2,000-$5,000!

 In some cases, the cost to repair your transmission or handle another car repair is not worth it because it will cost more to fix your car than it is currently worth!

So what can you do in this situation? It may be best to get a new car instead of repairing the car if the cost of repairs exceeds the car’s value.

What is the Most Expensive Thing to Fix in a Car?

One of the most expensive things to fix in a car is the engine. Engine repairs, such as transmission repairs or misfiring repairs, can be incredibly pricey, with some repairs reaching thousands of dollars. Taking out a loan may be necessary to cover the high cost associated with engine repairs.

People who are financially unstable often seek alternative means of funding, such as loans from friends and family or car repair loans. In spite of this, it is important to recognize that borrowing money from friends and family or from other sources can have long-term implications, as mentioned above.

What Can I Do if I Can’t Afford Car Repairs?

If you cannot afford to repair your car, you may want to consider the options mentioned above. Financial hardship associated with car repairs can strike out of nowhere! Applying for a loan can be a simple way to resolve your financial issues, but it is important to choose the most suitable choice for your current financial situation.

Whether you choose to apply for a secured loan, such as a title loan, or an unsecured loan, like a personal loan, is up to you and your personal preferences!