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4 Ways To Cover the Cost of Car Repairs

By November 29, 2021 June 9th, 2022 Personal Loan

Needing car repairs can be frustrating. You’ll want your vehicle back on the road as soon as possible, especially if you need it to get to work and home again. Even if you’ve got the cash to cover the cost, it can still take time. What’s worse is when your car has been damaged or has broken down, but you don’t have the funds available to cover the cost of repairs.

If you’re wondering how to pay for car repairs with no money and are searching for ways to cover car repair costs when you can’t afford it, this article is going to offer some handy tips and ideas for coming up with the cash you need.

#1 – You Could Try Negotiating With Your Mechanic

If you’ve dealt with a mechanic before and you generally have a good business relationship, you might be able to negotiate a deal. For example, your mechanic might repair your car upfront while you repay the debt over a period of weeks or months. Some mechanics even have payment plans in place for those more expensive repair jobs.

Another option is to try a contra deal with your mechanic. This won’t always be an option, but certainly worth exploring. An example of a contra deal would be the mechanic performing repairs on your car while you return the favour and do something for them. If you’re a plumber, for example, you could offer some free plumbing services in exchange for car repairs.

#2 – Apply for Finance To Cover the Cost Of Car Repairs

Another option that can get you out of a bind and have you back on the road again is to apply for a loan for car repairs. This could be in the form of a general Personal Loan, or loans that have been specifically tailored for auto repairs.

Most Aussie lenders offer the Personal Loan option and usually car repairs is an acceptable reason to ask for funding.

Something to keep in mind is the time it may take from application to approval on your loan request. Your car is currently off the road and you want to be up and running ASAP. For this reason, it’s wiser to approach a private lender for a Personal Loan, as turnaround times are generally much faster than that of a bank.

A Car Repair Loan is an option that will likely get you out of a tough spot sooner rather than later.

#3 – Ask Your Boss for An Advance On Your Wages

If you have a good relationship with your boss at work, you could approach them, explain your predicament and ask if you could have an advance on your wages to cover the cost of car repairs. The borrowed funds could then be repaid over the coming weeks or months, directly out of your wages.

Of course, this option will depend on what your boss is like, whether they can afford to front you the money and what kind of rapport you have with your employer.

Another option is holiday pay. If you have some unused holiday pay accrued, instead of taking time off work, your boss might be willing to forward you the amount owed in annual leave. Yes, you will forfeit some time off, but at least you’ll be soon sitting behind the wheel of your car again.

#4 – Find Someone Who Can Front You the Money

When people are stuck for cash, one common option is to approach a friend or a member of your family, to see if you can borrow some money to get your car fixed. It’s not always easy to ask people you know for a loan, but it’s an option if you can’t find another way to get back on the road again.

The good thing about this option is the loan will likely be an interest-free loan. Alternatively, if a friend or family member is reluctant to lend you the money, you could offer to pay back more than what you borrow as an added incentive.

In Conclusion

If your car is currently off the road and in need of repair, talk to Cashify about a Car Repair Loan. We’ll help get you back on the road again!

Disclaimer: Please note this content is of general nature only and does not take into account your personal objectives, financial situations or needs. For advice tailored to your financial situation, it is advised that you seek guidance from an accountant or financial advisor. The information contained in this article is correct at the date of publication.

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