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4 Ways To Cover The Cost Of Unexpected Car Repairs

4 Ways To Cover The Cost Of Unexpected Car Repairs

Unexpected repairs are just part of being a car owner, and your car isn’t going to wait until it is convenient before it breaks down. This can be a big problem because repairs are incredibly expensive and if you don’t have the money to pay for them, you could find yourself in some financial trouble. You rely on your car, so you can’t just leave it, which means that you need to find the money from somewhere. The good news is, there are ways that you can cover the cost without completely ruining your finances. If you are hit with unexpected car repairs that you can’t really afford, here’s what you can do. 

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Shop Around 

Before you start thinking about how you are going to find the money, it’s important that you shop around for the best price. The cost of repairs varies a lot depending on the mechanic, and some mechanics will try to rip you off if they suspect that you don’t really know what is wrong with the car. If you want to make the cost more manageable, you need to shop around and compare prices. You should also check out reviews of local mechanics so you can find somebody that you know is going to be reliable. 

Get a Repayment Plan 

A lot of people don’t realize that you can get a repayment plan to help you pay for your car repairs. Companies like Optimal Warranty offer auto repair payment plans, so you can get the repairs done and then pay it off in installments over the coming months. This makes it so much more manageable and you can fit it into your budget, rather than rushing around trying to find a big lump sum from somewhere. 

Do Repairs Yourself 

In some cases, you may be able to do the repairs yourself. When you first buy a new car, you should spend some time looking through the manual and learning the basics of how the engine works. You are not a mechanic so there will be a lot of things that you cannot do, but if you spend some time learning, you may be able to do simple repairs on your own. This saves you a lot of money and even if you do have to go to a mechanic, knowing a bit about your car will make it harder for them to rip you off. 

Get a Loan 

 If none of the other options on this list are possible, you may need to get a loan. You should always exhaust all of the other possibilities before you do this, and if you need to get a loan, make sure that you avoid payday loans with crazy interest rates. It’s much better to put the money on a credit card or take out a loan from the bank so you are only paying a reasonable amount of interest. 

Unexpected car repairs can throw you a financial curveball, but these are all great ways to cover the cost without ruining your budget. 

Tia, and TipsfromTia.com  is trying to keep you looking good and
feeling good, from the inside out. If you’ve got a problem or a tip email me! Be sure to Like and share on Facebook or Follow on Twitter or Instagram.

5 Things You Should Never Borrow Money For

5 Things You Should Never Borrow Money For

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There are times when borrowing money is a wise decision. Most people wouldn’t be able to go to university or buy property without a loan. Meanwhile, when it comes to emergencies such as pet treatment or fixing plumbing leaks, loans can also be an option for those that wouldn’t otherwise have the funds.

 

Unfortunately, there are also many times when borrowing money isn’t so wise. Here are just a few examples of things you should never get into debt for.

 

Clothes shopping

 

Personal treats such as clothes aren’t worth getting into debt for – and yet many people are all too willing to go on a shopping spree the moment they get a credit card. As soon as you start having to pay back your debts, you’ll immediately regret spending money on these clothes. Only buy personal treats with your own money so that you feel as if you’ve earnt them.

 

Going on holiday

 

Holidays can cost some families hundreds if not thousands. Few people have this money stashed away, which may make it seem like a suitable time to borrow money. However, a holiday is still a treat and you could similarly regret it afterwards once you start paying back the debt rather than looking back on it fondly. Always try to save up money for holidays rather than paying for them with a loan – look into the best online banks to find the highest interest rates and you may be able to save up more quickly. The only time you may want to borrow money for a holiday is if an emergency comes up and you’ve already paid your deposit and would have otherwise been able to afford it.

 

Funding a gambling habit

 

You should never gamble with borrowed money. If you lose, you’ll have got yourself into debt for no reason at all. Borrowing to fund a gambling habit could be a sign that you can no longer gamble responsibly and that should probably quit gambling altogether. Borrowed money should similarly never be used to fund other bad habits such as smoking, drinking or buying drugs.

 

Taking out a loan for someone else

 

If somebody else asks you to take out a loan for them, it’s probably because their credit score is so low that they can’t get accepted for a loan themselves. A poor credit score is usually the result of not being able to make payments on time – whilst this person may promise to pay back the debt, there’s no guarantee that they will keep to this if they’ve previously struggled with making payments on time. Don’t let other people drag you into debt and potentially ruin your credit score too.

 

Paying off debts with more debts

Taking out a loan to pay off existing debts can be done strategically – you may be able to consolidate lots of small debts with one big loan or you may be able to refinance a debt so that you pay lower interest. However, most people simply aren’t savvy enough to do this and so instead end up getting into a vicious cycle of paying off debts with debts and then trying to pay these debts off with more debts until eventually the overall amount due is huge. You’re best only paying off debts with loans under the guidance of a debt advisor.

Tia, and TipsfromTia.com  is trying to keep you looking good and
feeling good, from the inside out. If you’ve got a problem or a tip email me! Be sure to Like and share on Facebook or Follow on Twitter or Instagram.