You get to know that your best friend suffered an accident. You decide to visit him immediately. You tried hard for over 5 minutes, but the car won’t start. It might frustrate you, and you investigate only to find the punctured tyres. Moreover, issues like engine failure may prove life-threatening. You juggle your pockets to find some cash, but you don’t find it.
You check your account, but there is no spare cash as you live from paycheck to paycheck. You are in a hurry and cannot wait for help. Thus, you take out your smartphone to check the best ways to finance the car repairs without money or cash. You want to see your friend soon. Want to know what happened next? Read ahead.
Immediate actions to take to repair the car without money
The first step would be to explore the available savings. You might have an emergency fund that you can use to pay for repairs. Alternatively, check the dividends that you get from investments. Liquidate it to pay the mechanic or simply clear the dues online. Other aspects might help you in such situations:
Finance repairs with a car loan
Yes, it is one of the options to get instant cash for your needs. Explore the best car loan rates in Ireland according to your needs. For example, if you want to repair the engine, it may take anywhere from €400-€3000 on average. Repairs are generally more affordable than replacements. You might be thinking you can finance that much using a credit card. Halt here! We understand this instinct as we receive a similar case.
John Wall’s case- car loans
John Walls, a senior technical manager with a €21000/yearly income, encountered brake failure as part of a usual car inspection. It surprised him, and he panicked as he also needed to attend an important business meeting. He had been waiting for that for 5 months, and finally, he got a call from the client. He cannot skip that and explore the account for some cash. He explored the best car loan rates in Ireland and spotted Mylenderloans.
Initial process
We received the application requesting an amount of €3000 for urgent car repair. Immediately, we provided a basic quote after analysing the details. After his acceptance, we conducted a detailed check by requesting income proof.
Our findings
As we explored his income and credit report, we found that he has been living from paycheck to paycheck. It left little scope for him to save for the rainy day. It reveals his low potential for handling another loan well. However, he needed money for urgent car repairs. We tried our best to explore the possibilities and later approved the loan. How? Read ahead.
He managed to get a cheaper car loan quote. How? Read ahead.
We analyse that he cannot pay a huge lump sum monthly. It is due to the paycheck-to-paycheck lifestyle. Therefore, we help him split the loan amount into affordable instalments. It does not affect his basic budget or the loan repayments. He had a regular income, and hence, we knew he would not default. Hence, we offer him more suggestions:
- Using a portion of the car as equity to get a loan
- Paying some off his small debts to decrease the credit utilisation limit
- Increase savings by eliminating extras
This is how we helped John, and we can help you! You can contact us for any financial difficulty (short or long-term) and get personalised assistance. Now, let’s analyse other ways to get money quickly to repair the car:
Get on a repayment plan with the car repair company
If you are not in a position to repay the money at the same time, interact with the car repair company. Reputable ones help you get on a repair repayment plan to clear the dues. It grants the flexibility to get your car repaired and clear the dues in instalments. However, they may request a few documents to confirm that you are the legal owner of the car. Re-check the repayment plan before getting on the payment terms. Read through the guidelines to avoid any surprises later.
Check quick loans for punctured tyres
If you need to go somewhere urgently but tyres get punctured, don’t panic. Quick loans may help you finance unplanned cash requirements. It helps you finance any needs up to €1000-€15000 immediately. You can get the money immediately into your bank account. It involves no documentation, collateral or guarantor.
It entirely depends on your affordability and financial behaviour. If you can manage to repay the loan timely, you get it within 15 minutes. It is especially an ideal loan to consider in low-credit situations. If it does not meet your needs, other loans for bad credit scores might help.
Leave the car until payment or install a “black box”
You can sign the agreement to leave the car there only until you pay the dues. It reassures the person of getting the money in a timely manner. He may agree to this. However, it may not be a good option if you want to drive urgently. Here, you can consider the option of a black box. Most car repair companies suggest that individuals install a black box in the car if they cannot pay at the moment. The black box tracks the car’s moment and whereabouts.
It thus reduces the risk for the car-repairing company. Moreover, reconsider the option of leaving the car with the company. This is because some companies may use it to plan legal action against you. Moreover, they may take possession of the vehicle if they decide to take you to court. Evaluate the risk associated with the idea of repairing the car without money. It will help you choose the most comfortable and risk-free options, like car loans.
Bottom line
These are some ways to get instant cash to repair your car in a cashless situation. Don’t panic. Instead, reach out to us for immediate assistance. Mylenderloans may help you get an instant solution to your unique needs and financial problems. Identify your options, and if you get confused, contact us!
