Car maintenance issues can arise without warning, causing financial strain and anxiety. Ensuring your vehicle stays in good condition is crucial, but the question of how to cover car repair costs now and in the future remains. Luckily, there are solutions!
How to Prepare For and Manage Sudden Car Repair Expenses
Oh no! My car broke down, and I’m short on funds!
A car malfunction is a classic unanticipated expense, and figuring out how to cover repair costs can be a challenge. Your vehicle is essential for maintaining daily life, so if car repair stress is getting to you, take a deep breath and explore these suggestions for funding vehicle maintenance.
Turn to friends, co-workers, or relatives
A non-functional car doesn't mean you're stuck. Ask a friend or relative to lend their car (or give you a ride) while you save for your vehicle's repairs. Alternatively, contribute to a colleague's fuel expenses if they're willing to drive you to and from work a few days a week.
If possible, work remotely to minimize car dependence and allocate any extra funds toward repairs. When you count on others for rides, you might be surprised to see just how much money you can save by skipping unnecessary expenses like dining out. That way, you can set aside cash for repairs even faster.
Explore side jobs
To get back on the road, you need to boost your finances. Why not take on a side gig that doesn't need a car? You can write blogs from home, sell unneeded possessions, or provide housekeeping or babysitting services for nearby friends and neighbors to save for that car repair invoice.
Identify urgent car repairs
Unexpected car repairs are never convenient, but sometimes, time can work in your favor. Determine which repairs are critical and which can be postponed. You might be able to resume driving sooner than expected and address minor issues later.
Clear your car loan and sell the vehicle
If repair costs exceed your car loan balance, consider using savings to pay off the loan, sell the car, and purchase a more dependable vehicle. Then, focus on replenishing your savings and budgeting for future car maintenance.
Opt for a short-term personal loan or credit card to cover repairs
Some auto repair shops provide financing, but this may not be suitable for those with poor credit or a low credit score. Instead, choose a personal loan or a car repair credit card with additional benefits and a competitive interest rate.
