From Savings to Spark Plugs: Preparing for the Unexpected

We have all been there. One moment you are driving peacefully down the highway and in the next you are finding yourself with anything from a flat tire to smoke coming from underneath your hood. As wonderful as cars are, like everything else, they come with their own set of problems. Unfortunately, the price range for said problems is a wide one, and you may not always be able to handle the expenses by paying out of pocket. Fortunately, there are ways to bridge the gap between the balance on your repairs and the balance of your bank account. 

Break Into Your Savings

How to get money for car repairs is probably not something that you think about regularly, but giving yourself the ability to pay for them when they come up is worth looking into. Since your car is most likely one of the most integral parts of your life, it might be wise for you to consider putting money in a savings account for a car fund. That way, when it breaks down, you already have that money in place. If you have a savings account, but do not have a specific car fund, consider either prioritizing the car repair or combining some of your savings with another source of income.

Phone a Friend

While you may not be the type of person who is comfortable borrowing from a friend or acquaintance, it may be the most palatable option after discovering that you do not have much in the way of savings. Friends are usually understanding, especially close ones. However, remember that most favors, even between friends, are repaid in some form or another. So, if you have no favors to call in already, tell whoever you’re borrowing from that you owe them. Depending on how much they give you, the favor might be significant and worth taking a moment to think about.

Get a Loan

When all else fails, you can always consider a loan. Several factors will go into how much you can get a loan for, including the provider, your credit score, the interest rate that you are willing to pay, and your budget. After all, a loan is only a temporary financial fix. Please be sure that you will be able to pay the loan off promptly. Otherwise, you might end up with more problems than what you started with. 

Your car breaking down may be one of the last things that you want on your mind. However, when the time comes, and your car is sitting in the shop, it is good to have a game plan for when the bill comes. Regardless of how you choose to pay for those repairs, you need to weigh your options carefully if you are not paying the balance outright. Whether you withdraw money from a savings account, ask your friends for help, get a loan, or search for another way to pay, make sure that you can afford to deal with the consequences of your chosen solution.