The average Canadian pays about $1,500 per year for car maintenance.
When you’ve got car troubles, you know that it’s going to be expensive. The first sight of the check engine light or the sound of a squeaky brake pad is enough to send anyone into a panic. You’re not panicking because you’re afraid of being unsafe; you’re panicking because you don’t want to go poor.
It’s difficult to foresee car problems coming, which makes them incredibly difficult to save money for. Today, we’re going to give you some advice by telling you different ways to save money for your impending car repairs.
You can’t let your car troubles keep you from getting where you need to go. Keep reading and learn how to get the money to pay for repairs, even when you’re broke.
This probably isn’t the advice you want to hear as you’re given your $3,000 repair estimate for your car, but budgeting is always poignant. Whether you’ve got the cash to cover the repairs upfront and need to replenish your savings or you’re taking out a loan that you’ll have to pay back, a budget will help you.
There are various budgeting methods that people use these days, as well as apps that do it all for you. The 50-30-20 method is one of the most popular, where 50% of your monthly income goes to your needs, 30% goes to your wants, and 20% goes into savings.
When it comes to car repairs, you can probably classify that under “needs.” The more of your income you can throw at the repairs now, the better off you’ll be. Of course, not everyone has the financial ability to pay a huge car repair bill.
In the future, continue budgeting and create an emergency fund for these very situations. If you’re slowly stockpiling money for unforeseen expenses, they won’t hit you as hard.
When you’re low on cash, you’ll probably first turn to your credit card. Most car repair shops accept credit these days, so that part of it shouldn’t be a problem. Where you’ll run into problems doing this is maxing out one or more credit cards to pay for repairs will destroy your credit.
Your other option would be to obtain an entirely new credit card just for car repairs. If you’re doing this, make sure to get one with a low APR or something that offers rewards. Also, make sure not to use that card for anything other than your car repairs.
Sell Things You Don’t Need
Making money fast isn’t easy, but there’s a good chance you can find money sitting around you. Look around your home and in your garage to locate items that aren’t getting much use these days. Create listings and sell everything you can to raise funds for your car repairs.
Even if you only get a few hundred dollars, it can go a long way to putting a dent in the repair costs. The only problem is that it can be time-consuming to go through all of your things, create ads, and meet with people to make sales.
Change Your Lifestyle
Desperate times call for desperate measures, so you may have to change your lifestyle to save for these repairs. Sit down and think about your most unnecessary expenses – going out to eat, drinking at bars, going to sporting events – then calculate how much you could save by cutting them out.
It’s amazing how these little things that we do on a regular basis add up to a significant percentage of our monthly expenses. Even a month or two of frugality can become hundreds in your pocket that you can hand over to the auto shop.
You can also apply for a second job to earn extra cash. Whether it’s bartending or working at the local bookshop, a side gig could potentially cover the full cost of your car repairs.
No one wants to have to borrow money from a friend or loved one, but if you know someone that has hefty savings, it doesn’t hurt to ask. The good thing about borrowing money from someone you know is that it doesn’t affect your credit, and you can probably pay them back at your leisure.
If you’re in a real bind, a car title loan is an option. They’re extremely expensive, with some APR rates going up to 300%, so it’s a bit of a last-resort situation.
Because you’re using your car as collateral for the loan, they’re easier to obtain for those with bad credit. It’s also possible to get a larger loan for this same reason.
Don’t go down this road without a full understanding of what you’re putting on the line and how much the loan will cost you in the end. There are probably better short term loans out there.
Fast Online Loans in Canada
Your best bet when you need fast loans to cover the cost of car repairs is to find a company like Easternloans. Our no credit check loans give everyone the opportunity to find financial freedom in the direst of circumstances.
The process is so simple. All you need to do is head to our website and fill out an application. In a matter of minutes, you’ll find out if you qualify for a loan and then have your money ASAP. Our loans allow you to pay off your car repairs in a way that works for you.
Don’t Let Car Troubles Get You Down
Use these tips as inspiration to finance your car repairs today. It’s easy to let car repairs become a debilitating financial problem, but it’s important to know that there are solutions.
If you’re looking for the right loan to help you with your car troubles, visit us at Easternloans. Our online loans are aimed at helping Canadians with emergencies just like these, so read more about our process and, when you’re ready, apply for your loan and get the financial relief you deserve.