Here are some tips on how how to take care of your car expenses in terms of it breaking down when you have no cash on you.
Car Breakdown: Make use of Credit Card
Using your credit card is an easy way to pay for your car repairs if you have no tangible cash or any emergency fund on you. But be sure to use it wisely.
You need to make sure that your budget should always include credit card payments. Your goal is just to pay off as soon as possible. most especially if the interest is high.
But if you don’t have a card and need to apply for one, just look for the best deal on interest rates. You will also save quite some money if there’s no annual fee.
You can apply for a Personal Loan
Meanwhile applying for a personal loan is another way of using a credit card to pay for unforeseen car repairs. However, your existing bank or credit union is a good place, to begin with since you have an established and existing account with them already.
You also have another option which is to apply with an online lender. Funds are sometimes faster to receive through this means.
It is however always a good idea to shop around for the best interest rates and also loan details. But you should look to see if there are any extra fees to calculate the one that suits your budget.
Sell some items
You can always find items in your home that you no longer need. You should know that finding items to sell will provide you with some cash. The thing you just need to do is to look around to know if you will see anything you don’t use or no longer need. You can find items to pawn in places like your garage, basement, or in the attic. There might even be a possibility that you will find a hidden treasure that you have forgotten about.
After you’ve found something, take it to a trusted pawn shop. You can even seel it to people around you or even your friends. But be sure to have a stated price in mind beforehand, and don’t take what’s less than fair.
You can check if the service is Covered
Some of your costs, or even possibly all could be covered by a protection warranty or plan. You should not forget to check it when trying to figure out how to pay for car repairs with no money at hand.
Just look at the details of your car insurance policy. Most of them offer free towing services and roadside assistance. This will help in reducing the cost of your bill.
Car Breakdown: You can set up a Payment Plan
When struggling to figure out a way to cater for your car repairs with no cash, it might be as simple as talking to the repair shop. Many auto shops will be willing to assist you in setting up a payment plan to make it easier for you.
What you need to do is just to find out what all the plan details are. You need to make sure that the terms and conditions are favorable for both of you. And both of you should agree on the amount, interest rate, due date, and also any fees that are included.
The most important aspect of it is to be sure that you can afford the payments.
Ask For Help From Family and Friends
This is always not the best option as it will lead to undermining. But it can be your last resort when you have tried all other ways but no avail. Even if they don’t offer you free, you can negotiate with them on terms to pay back. Some might even offer you without asking for interest in return. But if it makes you feel better, you can ask to pay some interest on it and come up with some ground rules. In addition, it will be a good idea for both parties involved if everything is being done in writing.
However, you just need to be sure that you will be able to pay them on time and also in full. As it would be foolish to burn that bridge in case of such a case arising again.
So you don’t need to kill yourself with worries when you can turn an idea into a reality.