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How to Avoid Overpaying for an Emergency Car Repair

LOS ANGELES - January 22, 2021 - (Newswire.com)

Emergency car repairs are similar to a broken bone. It's extremely painful, and you know it's going to cost you money, but you're going to need to get it fixed so you can keep living your life. Whether you're facing a blown radiator, flat tire, or new engine issue, here are a few tips and tricks to help you to avoid overpaying for an emergency car repair.

Call Around For Prices

A surprising number of people immediately take their car back to the dealership where they purchased it without a second thought. But you may be able to save money by using a smaller, local garage. If you can spare an hour before taking your car in, do a quick search online for reputable garages and call at least three. You can then compare these prices before making a decision.

Negotiate The Price

While the price of parts at different garages is relatively consistent, the cost of labor is not. If a repair shop quotes a price above what you're willing to pay, see if they'll do it for a lower price point or add another service gratis. If your vehicle already needs an oil change, tire rotation, or regular maintenance service, see if the garage might throw it in for free. 

Use Your Emergency Fund To Offer Cash

An unanticipated car repair is one of the classic examples of when to use an emergency fund. Sometimes you can even receive a discount on your repair if you have cash on hand.

Ask garages about cash price discounts if you're prepared to fork over money today. Then make sure to pat yourself on the back for your financial preparedness.

Apply For A Loan

If you've negotiated down the price but still don't have money on hand to pay, you may want to consider a car repair loan. Most companies offering car repair loans treat them the same as a personal loan. That means the loans are unsecured, so you'll need to provide proof of income and a stable credit score that shows your capacity to pay.

The nice thing about a car repair loan is that you can repay the loan with fixed installments. And if you're approved, the money can be in your bank the same day, getting you back on the road faster.

Ask About Mechanic Financing

Some garages offer financing and can get you set up on a payment plan. If this type of financing is available, the interest rates offered by a local company may be better than from a larger one. It's a good idea to compare the total cost of financing through a local garage with a reputable car repair loan company to make sure you're getting the best deal possible.

When you're facing a pricey car repair, it can be easy to choose the first option and get it done quickly. But by taking a bit more time, weighing your options, negotiating the price, and getting smart financing, you can avoid unnecessary overspending.

Notice: Information provided in this article is for informational purposes only. Consult your financial advisor about your financial circumstances.




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