Did you know that there are 1.6 million vehicles registered in Canada? If you’re a car owner in Canada, you know that these vehicles are often essential for daily life.
That’s why it can be an emergency when you have unexpected vehicle repairs. So, what do you do when these unexpected expenses come up?
In this article, we’ll go over your options for paying for these expenses, including an installment loan with Tekaloan. That way, you can decide which option best fits your needs.
Asking Family and Friends
Sadly, for many people, this will simply not be an option. However, if you have friends or family with the financial means to support you, you should consider asking them for help. Yes, it can be uncomfortable.
But for many people with this financial safety net in place, it can be the most effective option for dealing with car repairs. You usually don’t need to deal with interest rates, and you have plenty of time to pay them back.
Just make sure you clarify what the money is before you take it. If it’s a gift from a parent or a friend, you don’t need to worry about paying it back.
But if it’s a loan, you should put a clear repayment plan in writing. If you don’t, you can risk putting financial strain on your relationship.
In a pinch, you can use credit cards to pay for an emergency car repair. If you have enough available credit, you can put it all on one card or spread it out over multiple cards.
However, it’s important to remember that this is often a temporary solution. Maxing out your credit cards without a way to pay them back is never a good idea.
This is especially true when credit card debt in our country is currently reaching an all-time high. Inflation and high-interest rates can make this a potentially disastrous move.
But, if your repairs aren’t too costly, and you should be able to pay it back in a month, it might be a valid option. If you want, you can consider looking for a credit card with a lower APR or one that provides rewards for certain purchases.
Mechanic Repair Financing
It’s common to see certain auto shops that work with lenders to offer their own financing. Sometimes this can come in the form of a store-branded credit card.
Other times, it might be as a payment plan that’s similar to a personal loan. In smaller, independent repair shops, you might be able to negotiate a deal with the mechanic.
This could be in the form of lower repair costs or as an informal repayment plan. You can also ask them which repairs are absolutely necessary to get you back on the road safely.
Just keep in mind that not every mechanic will offer you this type of deal. With inflation at an all-time high, you might be hard-pressed to find one. Don’t be discouraged.
Keep searching until you find a mechanic in your area that offers you the best possible deal. It’s good to get quotes from three to four different professionals. That way, you know you’re getting the lowest possible price.
Many people keep a rainy-day fund available for emergencies. If you have one of these collections, then your car repairs fit the criteria for an emergency.
Don’t worry if your emergency funds aren’t enough to cover the car’s repairs. Often you can use them as a down payment to lower the overall cost of financing the repairs.
If you’ve tried all the other methods of paying for your loan, you should consider a fast online loan instead. It’s true that these types of loans can come with expensive interest rates.
But, it’s also a quick and easy way to get the emergency money you need for repairs fast. Getting a personal loan through your bank can take weeks or even months. That’s not the case with fast loans.
These types of installment loans can be approved within hours of applying. And as long as you can pay off all the installments quickly, you won’t pay that much extra for interest.
But what happens if you don’t have a great credit score for this purpose? Consider going through a provider like Tekaloan.
Instead of looking at your financial past, we look toward your financial future. So as long as you have the means to pay off the loan, we’re a good option for you.
Consider Selling Your Vehicle
If your emergency car repairs are too costly, your best option may be to sell your vehicle for parts instead of trying to repair it. From there, you can either purchase a more affordable car with the money or use public transportation until you can afford it.
Sadly, this option won’t work for everyone. Some people rely on their cars to reach their jobs. And they might live in areas that don’t have access to public transportation.
If you fall in this category, your best option will likely be a personal unsecured loan. Otherwise, you could risk losing your job.
Experiencing Emergency Car Repairs? Contact Tekaloan
We hope this guide helped you learn about your options for paying for car emergencies. Sometimes public transportation simply isn’t an option when this type of crisis strikes.
Here at Tekaloan, we know that emergency expenses like this can occur at any time. That’s why we provide you with quick installment loans that don’t require a credit check.
So if you are ready for the money that you need, contact us today to see if our loans are a good fit for your needs.