Winter is not coming. It’s here. And just like the good people of Westeros face ice zombies, dragons, and zombie ice dragons, coming in winter can make your vehicle maintenance even more difficult. Ice zombies may not be a big deal for you, but icy roads can be. If you are not familiar with auto mechanics, your broken car means that you are paying someone else to fix it. It can be expensive and quick. Auto repairs are expensive, but people need it.
For most people, reliable access to transportation is essential to keeping a job. According to the US Census Bureau. In the United States, about 85.4% of workers commute to work in a car. And while the rate in big cities is lower due to more transportation options, 45% of Americans still don’t have access to public transportation. If your car breaks down, the financial burden is twice as high. Repairs can be costly and 40% of Americans have not saved $400 to cover emergency costs. If you cannot access your vehicle to go to work, the necessary income will also be lost.
Give predatory payday loans.
It is common for people with bad credit to have little extra money available to take out payday loans to cover auto repairs. According to a study by Pew Charitable Trusts, these short-term small-dollar loans are quick and easy to get but have high-interest rates and fees that most borrowers cannot afford.
With payday loans, you generally don’t have to go through a credit check when you request it. This might seem like a great blessing to people whose poor creditworthiness has excluded them from traditional credit institutions. And it really can be, according to the lender.
Ask for government support.
Each state’s Department of Health and Human Services provides support for a variety of needs for low-income families. Few states offer auto repair assistance, but other programs can help cover the costs that allow you to save more of your income in an emergency.
Check your eligibility for medical, food and shelter assistance at the local office or on the state website.
Ask your family or friends for help.
Asking for help can be difficult, but getting financial support from a friend or family member is probably the quickest option you can afford. Explain your situation and why you need the money. If you respectfully ask and provide a payment schedule, you may be surprised to find people ready to help, especially in an emergency.
Get a cheaper loan.
If you can’t get a personal loan or a cheap charitable donation, consider other cheaper options than payday loans and property titles. You can also try applying for a credit card or talking to local banks or credit unions about low-interest loan options. Many local credit unions offer Alternative Payday Loans (PAL) that are perfect for your situation. However, you must have been a member of the Caisse for a month to make a request. Joining a credit union to later access a PAL would be a good financial decision.
If you have bad credit and cannot access these alternatives, you can also apply for an installment loan to cover the repair of your car. These loans have longer durations and lower interest rates than payday loans. Raising the cost of your loan also means making smaller, more manageable payments that are generally easier to pay.
