It can be really difficult when your car needs a repair and you do not have the money to pay for it. You might be tempted to try to borrow the money, perhaps by getting a payday loan. However, this may not be the best idea, although it could be a solution for some people.
It is best to start with thinking about how necessary the car repair is and whether it can wait or not to be done. It is wise to consider how safe the car is to drive and whether it is necessary for you to drive it. Obviously you do not want to have an accident and put yourself in danger as a result of the car not being in good working order, so it is important to make the right decision about this.
If you have some savings then it can be sensible to use this money rather than borrow any. This is because you have to pay to borrow money and so if you can use money that you already have then you will not have to pay any extra. If you were saving up for something or had the money earmarked for later use, then think hard about whether it is better to use it for the car repair, pay less for it in the long run and you will be able to start saving up again.
If you have no savings or really do not want to use them, then you will have to look for other options. Consider whether you might be able to get an advance on your salary or whether anyone owes you money that you could ask for. Also think about whether it would be possible for you to do any overtime or freelance work that would raise the money that you need. Selling things that you own could also help to give you some money towards the cost. Even if these things do not raise enough money to pay for the full cost of the repair, it will mean that you will not have to borrow so much money.
There are different types of borrowing that you could look at, if you do decide that borrowing is the only way forward. A fast payday loan is one option and it will be quick and even if you do not have a good credit record it will be available to you. However, it is an expensive option so it is worth comparing different companies and going for the one that is the cheapest. You must also make sure that you are confident that you will be able to make the repayment as there will be fees if you do not. This happens with all types of lending of course, but as there is just one lump sum repayment with a payday loan it can sometimes be more difficult to find the money to cover it.
An overdraft can also be an option for borrowing money. You need to be careful though as an unauthorised overdraft can be the most expensive way to borrow money. Therefore you need to make sure that you check out the cost of it and compare it with other forms of borrowing. You may have an authorised overdraft which will be cheaper, but make sure that you do not borrow more than you have agreed or else it will get really expensive.
A credit card is another possible option for a quick way to borrow money. Again, these can be expensive but you will get an interest free period of 4-6 weeks which could give you enough time to find the money to pay it back.
It is worth looking at all of your options and the cost of them. If you do decide to borrow, compare the different types of loan that you have available and try to go for the cheapest. Do think about how you will repay the loan and make sure that you do so as quickly as possible. Remember that safety is the most important so get your car repaired if necessary but do also think about the extra cost you will add on if you do borrow and how you will repay it.