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Can I take out a loan to fix my car?
My car broke down and I don't have a warranty to fix it. Can I take out a loan to get my car back on the road?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If your car breaks down and you don’t have the money to fix it, don’t stress out too much. Up to 1/3 of Americans can’t afford the $1,200 in average yearly maintenance. But, there are ways to take care of the bill, even if you don’t have a new or
used car warranty
.A credit card is an obvious choice in this situation, but it doesn’t even have to be in your wallet. If you’re anticipating a huge bill, you may want to look at a new card that offers 0% intro financing. By putting your repairs on this card, you don’t have to pay any interest and you can pay off the loan without any added cost.
If that’s not an option, ask the repair shop if they do financing. Many repair shops now offer this service; you just have to make sure you’re not paying an exorbitant amount of interest. Check the contract to make sure.
Another option could be a personal loan from your bank. Also known as an unsecured loan or a signature loan, these types of loans provide you with cash without any collateral. Interest rates often hover from 10% to 15%, so make sure you know what you’re paying.
In the future, you may also want to consider a warranty for your car or a car insurance product to protect your asset. If your car breaks down due to a collision or an act of God, car insurance will cover it, provided you have collision or comprehensive insurance. To compare rates on coverage, use the
Jerry
app. It only takes a few minutes to save hundreds on your car insurance.View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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