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Cars don’t wait for a convenient moment for something to go wrong; repairs can be required at any time and anywhere, which is why it’s always a good idea to have a plan in place. While having a savings buffer to help you out when the unexpected strikes is recommended, less and less of us are finding ourselves able to regularly add to our savings pot. According to the Money Charity, almost 10 million households in the UK have no savings whatsoever. So, what do you do if you fall into this category and suddenly find yourself in need of cash to cover car repairs?
If you have access to a savings account take the amount required to cover the cost of your repair from this. You won’t need to worry about paying back what you’ve used, with interest, and you can build it back up over time.
Parents, siblings and even friends can lend a hand when you need to cover the cost of unexpected car repairs. Have a chat about the money you need, how much they can lend you, and when and how you’ll be able to pay this back. Ensure everyone is comfortable before going ahead.
If you have one of these, you can use it to cover your car repair costs and then pay it back as normal. Always pay back at least the minimum payment each month to keep the 0% offer, and make sure that you still have plenty of time to clear the balance of the card before the end of the 0% interest offer.
A short-term loan should only ever be considered as a last resort when you don’t have another option to finance your car repairs. But, they can be a useful way to access the money you need to pay for a mechanic quickly if you’re in a pinch.
If you don’t have any savings to fall back on and have exhausted all other borrowing options then this is where a small, short-term loan can help. You can borrow what you need, cover the cost of that necessary car repair, and then repay your loan over an agreed period of time, usually a few months.
Taking out a short-term loan rather than a traditional payday loan allows you to spread the cost of borrowing in affordable instalments, rather than have to repay the loan and interest in full on your next payday. You can get back behind the wheel, knowing you have a plan in place.
Short-term loans are there to support you in a financial emergency and you can apply with us wherever you are, at any time of day. All you need is internet access on your device. If you need to pay for a breakdown call out charge, you can apply for a loan by the roadside. If you are approved, you could have the money in your bank account today#.
We offer access to loans from £100 to £2,500, a range that can help you cover all sorts of car repairs. Plus, by carrying out a soft search on your credit score before you submit your application, our partner’s panel of lenders can indicate how likely you are to be approved before your credit score is impacted.
This is because a soft search leaves a footprint only you can see – it isn’t visible to others who may search your credit report. If we’re not able to help and your application is declined, then there’s no impact on your credit score. If one of our lenders is likely to accept your application and you decide to go ahead, then they will carry out a hard credit check – the kind that does leave a footprint on your credit report – and affordability checks.
Want to know more about borrowing for car repair. We answer our most commonly asked questions below:
Some of the most common reasons for car repairs or breakdowns include:
If you’re dealing with a car repair emergency and feel a short-term loan is your best option you can apply for one with Sunny today. Hit the link below to fill in a no-risk, soft search application and we’ll come back to you with an instant decision from our broker partner's panel of lenders.
An eligibility check will assess whether you meet the lending criteria for a panel of lenders. Even if you are eligible, they may still require proof of ID and/or proof of income before they approve the loan.