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How to Pay for Emergency Car Repairs Without Emergency Funds

Emergency car repairWhat should you do when you need an emergency car repair but don’t have the money?

We all get stressed out when an emergency car repair arises and we don’t have the cash to fix it. Unexpected car expenses can put you in a financial bind quickly. Where will you find the money, and how quickly can you get it? People face these types of situations every single day, and below are a few ways you can quickly get those repairs completed and find yourself back on the road again.

1. Try to Fix It Yourself

If you are not mechanically inclined yourself, ask a friend who might be handy with a wrench if they might be able to help. Keep in mind that most auto shops perform diagnostic tests for free. This test helps identify the issue with your vehicle, including problems with the starter, engine, transmission, battery and much more. Once you have an idea of the problem, check out some websites, such as YouTube, to see if anyone posted videos showing how to repair that issue. If the problem is fairly simple, try repairing it yourself. Anything major involving the engine or transmission might be better off in the hands of a true car professional.

2. Personal Loans/Credit Card

Consider taking out a personal loan from your credit union to repair your vehicle. At Eastex, you can check to see if you are eligible for the money in just a few minutes. Once approved, the funds are delivered to you quickly. You can always walk into your credit union during office hours and speak to a qualified associate to help you through the process. Eastex also offers credit card options that you can apply for online or inside the credit union to pay for your auto repairs. This allows a longer time period to pay back your debt on a monthly basis.

3. Borrowing Money from Family or Friends

If you have no money to make an urgent repair on your car, close family members and friends might offer financial help. This might be a tough thing to do, because you don’t want to put family or close friends in a circumstance if you cannot pay the money back. Only consider borrowing if you know you can pay it back in a short amount of time. Many people have ruined close relationships by not repaying the borrowed money, so make sure you are diligent about making those payments on time and as promised.

4. Payment Plan with Repair Shop

Most shops require immediate payment once they have fixed your car before they give it back to you. It is rare, but the shop might allow you to make payments to them if you ask. They might require a quick credit check or need to verify that you are employed for their protection, but it is well worth asking. Some shops might agree to take a postdated check or a plan that offers financing through one of their own creditors for a specific amount of time. Check with your repair shop for any special financing or payment options they might offer.

5. Title Loans

If your car is paid for, a title loan might be an option if you have no money for repairs. Keep in mind there is a downside, if you don’t make the payments as promised, your car could be repossessed. Some title loans have restrictions, so you must research first.

These are just a few options to consider when you have an emergency car repair and a depleted emergency fund. Consider all the options in front of you before making a final decision that works best for your specific financial situation. If you find yourself in a financial emergency or if you need financial advice, connect with our financial professionals at Eastex Credit Union for the best advice!

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