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Most people don't truly understand how much they need their cars until they stop running properly. If your vehicle won't start or stopped running while on the way to the store, school or work, it is imperative that the problem is fixed right away. What are some ways to take care of a car repair bill without putting yourself in a financial jam?
Put the Repair Bill on a Credit Card
One option to help you better handle the cost of car repairs is to use a credit card to pay what you owe. In some cases, you may be able to apply for low-interest financing with the shop that is working on your car. You may also be able to apply for a credit card with an introductory period in which you pay 0 interest on new purchases. Depending on the card that you apply for, this strategy could give you between 12 and 21 months to pay the bill with no finance charges tacked on.
Do You Have an Emergency Fund?
If you have an emergency fund, you should pay for a car repair bill with that money. Even if it doesn't cover the entire cost, it will help reduce the amount that you have to borrow. In the event that you don't have such a fund, it may be possible to ask for an advance from an employer or borrow from your retirement account to pay the bill.
Payday Loans May Be Helpful
Payday loans are cash advances that are meant to be repaid over a short period of time. They do not require a credit check, which means that most adults over the age of 18 will qualify for one. If you know how to use the internet, you can find a lender in your area in a matter of minutes. For instance, if you lived in Dallas, you could type in payday loans in Dallas, Texas and find a variety of lenders willing to accept your loan request. Most applications are accepted five minutes or less, and you could have the money in your account within the hour or by the end of the business day.
Sell or Lease Assets to Raise Money
One of the easiest and fastest way to make money is to sell or lease anything that belongs to you. For instance, you may want to sell extra auto parts laying in your garage or the clothes in your closet that you haven't worn in years. If you own your house, you may want to think about renting out your finished attic or basement. That could net you hundreds of dollars a month toward your car repair bills. Once you have paid that off, the rest of the rent that you collect can go toward creating or replenishing your emergency fund.
Get More Hours at Work or Take a Second Job
Another easy way to make money in a hurry is to take a second job or get more shifts from your current employer. In some cases, you may be able to ask for and receive a raise to get the money that you need without having to put in any extra hours. However, if you do need to take a second job, try to find one that may help you learn new skills or can help you get a foot in the door with a preferred employer.
There is never a good time to have your car stop working. However, good planning ahead of time may make it easier to pay the bill or find a source of emergency funding. This may allow you to pay off your debt in a timely manner without ruining your finances.