One of the biggest and most inconvenient costs of owning a car is repairs. While some repairs can be pretty easy and cheap, others can be more elaborate and more expensive. If you haven’t got enough money in the bank to pay for such repairs, there are thankfully still options out there. Below are just a few different ways to pay for expensive car repairs.
Shop around for quotes
Many of us like to stay loyal to the same repair center (and in some cases, this can lead to loyalty discounts). However, it’s worth considering the fact that there may be repair centers out there charging much cheaper rates. If you know what the problem is, it could be worth seeing if you can shop around for quotes. You could find a cheaper quote that is more affordable.
Ask about paying in installments
Some repair centers allow you to pay for expensive repairs in installments. Such installment plans may have no interest, so you’re still paying the same amount overall – it simply allows you to spread out the cost. Just be wary that if you miss a payment, you could be charged hefty late payment fees, so check your budget.
Take out a low-interest loan
A loan definitely isn’t an ideal solution – while it may allow you to spread the cost over a long period, you’ll pay more in the long run due to interest fees. That said, if it’s an emergency, it could be worth looking into loans. Just make sure to shop around in order to find loans with low-interest rates. Borrowing options like lines of credit and zero-interest credit cards could also be worth looking into.
Consider whether you can seek out legal compensation
Need to get repairs as the result of an accident? Even if an insurer has not paid out, there may be the option of legal compensation. When you are hurt in a car accident, it’s often possible to seek legal compensation if there was any chance that the other driver was to blame. This money could be used to pay for expensive car repairs (as well as funding any medical treatment you may need or recovery time you may need to take off work).
Shop for parts yourself
Most repairs involve ordering new parts. It’s often possible to save money on new parts by shopping for them yourself. This is because a repair center will try to make a profit on any parts they order in. When shopping for parts yourself, make sure that you know exactly which part you need. You can buy parts online for cheap.
Know when the car is a write-off
When it comes to issues such as major engine damage, transmission problems, or major suspension damage, it’s sometimes not worth getting the car fixed – the repairs could be worth more than the value of the car. Unless you’ve got a relatively new car or a rare model, consider whether it’s worth spending more than $2000 on repairs. That could be money to put towards a new car.