“I need my car fixed but I have no money!” Don’t fret. We’ll show you not one but eight great, trusted tips.
Since cars are the way most of us get to work, the grocery store, and everywhere else, we all need a working vehicle. But when unexpected car repairs pop up, they can add a lot of stress. According to a 2021 survey from The Federal Reserve, 32% of Americans can’t cover an unexpected expense of $400 or more with cash. And 11% of those say they wouldn’t be able to pay with any method.
Not everyone has an emergency savings, and even if you do, you don’t want to tie it up in a car repair. If you need to pay for car repairs with little or no money, it helps to know your options. Here we’ll break down paying for car repairs with methods like auto repair financing for bad credit, plus seven other ways to get you back on the road fast.
Pay With Auto Repair Financing
Are you thinking to yourself, “I need my car fixed, but I have no money?” Or maybe you’re wondering if auto repair loans are a legit way to fix your car now and pay later. The good news is, no matter what your credit score or how much money you have in the bank, auto repair financing is a viable choice.
Auto repair loans work by giving you the money up front, then letting you make payments on your car repairs. Most auto repair loans come with a fixed interest rate, meaning the percentage of interest you pay doesn’t change during the loan term. Your payment stays the same every month.
Let’s compare the benefits of EasyPay versus other options. Then we’ll give you some advice on how to get auto repair financing with no credit or bad credit.
EasyPay vs Other Financing Options
Many drivers turn to payday loans, personal loans from banks, and title loans to get a car fixed with no money. But personal loans can require higher credit scores, more information to apply, and can take time to get approved for, with some taking longer than 24 hours. That doesn’t work when you need your car fixed now.
On the other hand, payday loans and title loans, while easy to get, are often predatory, taking advantage of people in dire situations by charging high interest rates and fees. With a title loan, you risk losing your car if you can’t pay and you could see interest rates as high as 300%.
EasyPay streamlines the process of getting an auto repair loan while giving you a fully transparent, easy-to-understand contract. With EasyPay, you’ll get these benefits:
- $0 down payment required
- Approval for up to $4,500 to finance car repairs
- Can qualify with good-to-no credit
- Get a full interest rebate if you pay off the loan in 90 days*
*with up to a $40 processing fee. Subject to terms and conditions
So, unlike with personal loans, EasyPay gets you the money you need for your repair quickly, with less hassle. And unlike payday and title loans, there are no surprises with EasyPay. There’s no early repayment fee either — in fact, paying within the first 90 days gets you a full interest rebate.
Find an auto repair shop near you to get started!
Can I Get an Auto Repair Loan with Bad Credit?
You can get an auto loan with bad credit. Regardless of your credit score, looking into an auto repair loan is worthwhile. While a higher credit score will get you a better interest rate, you’re not out of luck if you have bad-to-no credit. You still have plenty of good options for auto repair financing with bad credit, even with $0 down.
For EasyPay, all you need is a cell phone, email address, and a checking account in good standing that shows a monthly income of at least $750. In most cases you can get a decision on your approval within seconds of applying. EasyPay is one of the best ways to get your car fixed when you have no money and no time to waste.
7 Other Ways to Pay for Car Repairs When You Have No Money
Besides financing your auto repair, there are several other ways to pay for car repairs with no money — or at least make them more affordable. If you’re short on cash and need some pointers, consider these seven methods, but be warned that some of them can be risky.
1. See if the Repairs Are Covered by Insurance or Warranty
Your first step before paying a dime should be to see if your repairs are covered under your insurance or warranty. Depending on your policy, you might be entitled to some money to repair your car. Whether your car was involved in an accident or not, a portion or all of your car repair may be covered.
If you’ve opted for an insurance add-on for repairs, your insurance plan may cover the cost to fix your car. Common repairs covered under this additional protection include transmissions, steering components, engine repairs, air-conditioning, and electrical systems.
Check Your Warranty
If your car is newer and still under warranty, your repairs may be covered. Typical auto warranties cover repairs to certain parts of a new car for a short length of time — often the first three years or 36,000 miles.
You may have also purchased an extended warranty that offers protection over and above the coverage of the original warranty. If this is the case, it’s worth seeing if your plan will cover some or all of the cost to fix your car. An extended warranty is among the best ways to get your car fixed when you have no money because it costs you nothing extra when you’re in a pinch.
2. Find Cheap Mechanics Near You
Not all mechanics charge the same price. It’s worth taking the time to shop around to find a reputable pro who won’t overcharge you for something simple like a new alternator or oil pump. One way to do this is to search for “cheap mechanic near me” or “mechanics with payment plans near me.” However, pay attention to their star ratings in Google, Yelp, or Facebook, to make sure you find someone you can trust.
If you’d prefer to use a trusted service with highly-ranked mechanics, use EasyPay’s Store Locator. We’ll connect you with a quality mechanic who has affordable payment plans that let you pay for car repairs in installments.
CTA: Use EasyPay’s Store Locator to find the right mechanic near you.
3. Get Help From Family and Friends
Asking your friends or family for help can work if you need your car repaired but have no money. However, it’s best to approach your loved ones cautiously with honesty. Ask for what you need and explain why you need it. Then, work with them to set up an installment plan to pay them back.
Be aware also that owing a friend or family member can be a strain on your relationship. If your repair is really expensive, it might be smarter to take out a loan or get on a payment plan than risk souring a relationship with someone you love.
4. Pay for Car Repairs With a Credit Card
Before you pay for car repairs with a credit card, be aware of the risks involved. Paying to fix your car with a credit card works best if you can pay the debt off quickly. That’s because credit cards come with interest rates that are often much higher than the ones on personal loans and payment plans.
For example, let’s say you put a $3,000 car repair on your credit card, with an interest rate of 20%. You decide you’ll make a monthly payment of $300. At this rate, you’ll take 12 months to pay off the debt and you’ll pay more than $300 extra in interest. And that’s assuming you make a sizable monthly payment. The less money you pay each month, the longer it will take you to pay it off, and the more interest you’ll end up paying.
Be Aware of Your Credit Score
The other downside of using a credit card to pay to fix your car is how much it can affect your credit score through what’s called credit utilization. If you put a $3,000 car repair on a card with a $5,000 limit, you’re using 60% of your available credit on that card.
In general, the lower your utilization rate, the better. A good rule of thumb is to keep it below 30%. For a card with a $5,000 limit, a balance of $1,500 or less is best. Since credit utilization plays a huge role in your credit score, it’s smart to keep it low to grow your score and give yourself more financial options in the future.
5. Consider a Side Hustle That Doesn’t Require a Car
There are plenty of side hustles and secondary jobs that don’t require you to own an auto. You can use these side hustles to get money for car repairs. If you have a computer and an internet connection, look into making money through things like online tutoring, building websites, or doing virtual bookkeeping. Maybe you have other skills you can take advantage of in new ways to make money. Use sites like Fiverr and Upwork to sell your services.
Even if you don’t have a computer, you may still be able to find a great side hustle. House sitting, dog walking, or house cleaning can be good options if you don’t have a car. You may also want to look into a delivery service you can do on a bike, or a grocery shopping service to make extra money. A work-from-home side hustle is one of the best ways to get your car fixed but you have no money because you can do it from your living room.
6. Fix It Yourself
If you or a good friend of yours is handy, you may be able to repair the car yourself. Depending on the car, the repair, and the know-how required, you could save a lot. Projects like replacing batteries, brakes, and alternators are often on the list for DIY mechanics, with plenty of available YouTube videos to guide you. If you and a friend tackle the repair, you’ll only need to pay for the parts.
On the other hand, it’s easy to get yourself into deep trouble if you don’t know what you’re doing. You may waste serious time on the wrong repair or damage the car further. While you may feel desperate to fix the car with little to no money, things could turn bad if you get in over your head.
7. Sell Your Damaged Car
While selling your car isn’t a repair option, it can be a way to get you back on the road. If you can’t afford car repairs or you feel that the repair costs more than what the car is worth, it might be best to cut your losses. You can trade the car in, scrap it, or sell it for parts, then take the cash you have and use it as a down payment on your next car.
Make the Payment and Get Back to Driving
Nobody likes car trouble. But when you’re in a bind because of a broken down vehicle, EasyPay can help you get your car repaired. If you need to get your car fixed but have no money, you can qualify with bad-to-no credit and $0 down to get back on the road. For a quick repair from a trusted mechanic, work with EasyPay Finance.