4 Ways to Cover Car Repairs When You Are Broke

When your car breaks down and it's your means of getting to work, you must focus on getting the cash for a quick repair. This can be a challenge if you don't have credit cards, savings, or a decent credit score. Finding yourself in a financial emergency with few immediate options can be stressful. Fortunately, there are several options if this happens to you.

Option #1: Save up

It may not be ideal, but look into alternative transportation methods first. Perhaps you could take the bus or carpool with someone else that is heading in the same direction. This will cost a small amount in bus fare or gas sharing, but you should be able to put aside a little each payday until you have enough money.

Option #2: Look into shop financing

If alternative transportation doesn't work out, contact the mechanic directly. Most mechanics will at least begin work without payment or for a small deposit, although you won't be able to pick up the car until you pay in full. You can ask if the shop offers financing. The interest rate is often high, especially if you don't have the best credit. Some shops that offer this option may also require that you leave the title with them as a form of collateral, and then they will return it once you have paid in full.

Option #3: Pawn or sell something

If financing a repair isn't an option, then your next choice is to raise the funds by either selling something of value or pawning it. Likely items include things like musical instruments, power tools, jewelry, or electronics items. If you don't want to give up the item or mess with the time involved in finding a buyer, pawning is the best choice. You will need to repay the pawn loan plus interest by the due date, though, or you will lose the item.

Option #4: Get a payday loan

Payday loans can come to the rescue if you have exhausted your options and need your car back today. Credit scores don't typically affect qualification. Generally, you will simply need to show proof of employment, such as pay stubs, and have a bank account. Approval is typically immediate and you receive the cash at the time of approval. Most loans are due two or four weeks from the origination date, as they are set up to be paid upon your next payday. The payment, along with interest fee, will come out of your bank account automatically, so make sure you plan to save up the amount.

For more help in applying for a loan, contact a payday loan company near you.