What Can I Do if I Can’t Afford to Get My Car Fixed?

If you cannot afford your car repairs don’t panic. There are financing options available for people with good or bad credit; you just need to determine which one is best for you. The best one for everyone is the one with the lowest interest rate and the easiest payment schedule. Techway Automotive is an automotive expert, not a financial expert, so let’s see what Credit Karma says if you cannot afford to get your car fixed.

Take Your Financial Situation Into Account

Before you do anything, sit down and look at your current financial situation. Why can’t you afford your car repairs? Is it because you don’t have any extra money at the end of the month? Is it because the repair costs exceed what you have in your savings account? Don’t be afraid to look honestly at your finances because you aren’t alone. Most people are struggling today. It’s nothing to be ashamed of.

The reason why you need to look at your finances is that no matter which financing option you choose, you’re going to add a monthly or one-time payment to your budget. You must make certain you can afford this extra payment so you don’t end up ruining your credit. Calculate how much more you can afford to spend each month and then check your credit score if you don’t know it already.

Research Your Loan Options

If you can squeeze another monthly payment into your budget and you have good credit, you can probably get a bank loan to pay for your automotive repairs. This option allows for an extended payback period and oftentimes comes with a reasonable interest rate. It’s a good option, as is a low-interest credit card or line of credit. Keep in mind, you want to pick the most affordable option.

If your budget is stretched beyond its limit and you have bad credit, you can find the money you need in cash advance loans, but these loans can be dangerous to those in your financial situation. Payday loans are the most common cash advance loan, but they tack on high interest rates to the borrowed money. In addition, you have to pay back the money within two weeks in most cases. Yikes!

This might not work well for you and your current financial situation but don’t despair. Techway Automotive in Dothan, AL, offers its customers financing options for their vehicle repairs. Call us to get more information.