4 Ways to Pay for a Mid-Winter Car Repair When You’re Short on Cash
Wednesday, December 4, 2019, 6:00 AM | Leave Comment
Car parts can fail any time of the year, but a winter car repair may require urgent attention when the weather is extremely cold or inclement.
No one wants to walk through snowy or freezing weather to get to work, and people who celebrate the seasonal holidays or who plan a getaway vacation to a warmer climate may find themselves short of cash needed to pay an auto repair bill.
If that should happen, here are several potential money sources to help you get your vehicle up and running again pronto.
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Borrow from Savings or Investments
You can always tap your savings account if you have one at your bank or another financial institution. While you probably don’t like the idea of disturbing your nest egg, transportation is a critical need, so temporarily using funds to pay for a car repair is understandable. Then make a point of repaying this account little by little from your next few paychecks or by working overtime until you pay it back in full, preferably with any interest that would have been lost during your use of that money.
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Request a Mailed Invoice
Most auto repair shops want to be paid the same day of service. However, some might be willing to send you an invoice with the understanding that you will pay the balance due in full from your next paycheck or within thirty days. Try to find a repair shop that will work with you in this way before having the work done.
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Get a Personal Loan
Depending on your credit rating and the amount of consumer debt you are currently repaying, you might be eligible to apply for a short-term personal loan. This type of loan can sometimes be processed with a lending institution the same day, occasionally over the phone. It might be a good idea to find out now if you qualify in case an emergency repair is needed for your car in the future.
Another option would be to look into same-day instant cash loans that can sometimes be approved and processed within minutes after applying. Look around for an office in your area that may be able to help if needed. These are an option, especially if you will have the money for the payment by your next paycheck, but don’t have it currently.
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Use a Credit Card
You may have a credit card that you use for needs of this type. If not, you may want to look into getting one just for this type of emergency. Apply for a low-interest charge account that does not require you to carry a minimum balance or charge you penalties and maintenance fees. Of course, you’ll want to pay off the repair quickly to avoid accumulating interest fees.
Start planning now for any emergency vehicles needs you may experience over the winter. Then, if the worst happens, you will be ready.
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