The most common method of paying for car repairs that you otherwise can’t afford is to put the charges on a credit card. If you have to hire a mechanic, this ensures that the mechanic gets paid quickly and easily, but it can cost a lot in interest charges. Credit card debt has some of the highest interest rates on the consumer credit market, making this some of the most expensive debt to take on. Of course, if you need your car to get to work, then you might not have any other choice but to go into debt.
If you can, look into options where it is possible to do some of the work yourself and/or supply the parts to the mechanic. Buying parts on your own, especially if they’re used (try junkyards) can save you hundreds of dollars off a major repair. Hire a mechanic on an hourly basis to do only the work that you need a professional to do.
One of the worst options that you have is to take out a payday loan. These loans come with astronomically high fees, but they are also the option of last resort for many people who are unable to get credit somewhere else. If you absolutely have to pay for a repair and have no other way of getting the cash you need, then make this loan a priority to get paid off.
If you are forced to accept any of these options and you want to get rid of the debt, then you might want to look into a debt consolidation loan to lower the interest rate that you pay and get the payment down to something you can manage. These loans combine all of your existing debts into a single loan with a lower interest rate than what you’re currently paying. Depending on what you want, it’s also possible to stretch out payments over a longer time. Together, these two steps can give you a monthly payment that is less than half of what you’re currently paying.
With a debt consolidation loan, it’s possible to take the debt from getting your car fixed taken care of without paying hundreds of dollars in interest and fees.