How to Pay for Car Repairs

According to a 2011 article in Auto Week, more than a quarter of American drivers stated in a survey they’d be unable to pay for vehicle repairs totaling more than $2,000.  Half of those said they’d be unable to pay for vehicle repairs totaling more than $1,000.  While those statistics pertained to drivers in the US, it isn’t hard to extrapolate and see that a large percentage of drivers worldwide may have difficulty paying for auto repairs, especially since the recession has spread around the globe.  According to another recent statistic in a study by J.D. Power and Associates, drivers are driving more but spending less on repairs.  That isn’t because cars are running better—it’s because people need to drive farther to find work, but still can’t make enough money to justify their car repairs.

What if? 

If your vehicle breaks down in the UK, you may find yourself trying to figure out whether you can afford to repair it at all.  Even if you have a job, you may only make a limited amount of money, and your paycheck may not be on its way for another week or two.  Should you fix your car or eat this week?  Decisions like this have become very common worldwide.  Unfortunately there are complexities to a choice like this and consequences which can affect a person’s income.  If you decide that the needs of your stomach outweigh the need for mobility, you could have a hard time getting to work to make more money.  You may waste money paying for public transportation during peak hours.  Or you may not be able to reach your occupation at all, in which case you won’t be able to afford the vehicle or your other basic living expenses before long.

What Can I Do? 

There are several options as far as paying for car repairs go.  You could try to borrow the money from a friend or relative—probably your best bet, if you have that option.  If your friends and relations are as poor as you are however, there may be no one you can borrow the money from, in which case you’re back to square one.  You might also try using a credit card, which would have some benefits, for example you may receive buyer protection.  Not everyone has a credit card however or qualifies for one.

Other Options? 

The recession has not only made it more challenging for many people around the world to afford their basic living expenses, it has also damaged a lot of peoples’ credit ratings.  Without a good credit rating it can be difficult if not impossible to get a line of credit, and even if you do qualify for a new credit card, you won’t be able to receive it for some time, during which you will have the inconvenience of your car not being repaired. 

If you’re in this group and you need a way to take care of your car repairs in a timely fashion, one option you might consider would be payday loans, also called cash advances.  These loans are available for short time periods (several weeks), and you can take them out for relatively small amounts.  Usually one payday loan will allow you to borrow several hundred pounds, but if your car repair is particular expensive you may be able to borrow several thousand pounds.  What you need to understand about payday loans is that they are due back on your next payday.  If you agree to a certain date for repayment of the loan plus interest, the payment will be taken automatically out of your account on that date.

So figure out how much money you can afford to borrow and repay.  If you can swing the cost on your next payday, then you may as well get your car repaired now instead of wait.  That way you can get back to your job and not waste time and money either missing out on work days or looking for alternative means of getting to your job.  Ultimately this may save not only your car, but also your job and your housing situation.  In light of that, the interest, which may seem high at first, really isn’t that bad.  Always do your calculations before you borrow money though so that you know you’ll be able to pay it back on time.

By author John Badger on behalf of PoundAccess. Online and payday loans with the most competitive online loan costs!