A survey showed that 25% of Canadians wouldn’t be able to afford a $500 emergency expense. Part of this is the result of the cost-of-living crisis in Canada.
If you own a car, you may be worried about repairs coming up without any warning. This is very common, and the majority of people don’t have the cash on hand to pay for them.
Kingcash is a loan provider that can help with this in many situations. That is one option, when it comes to paying for emergency car repairs.
Keep reading to find out how to pay for an emergency car repair with Kingcash.
Get a Loan
One of the best ways to pay for car repairs our cash loans. You can use kingcash.ca to get financial assistance if you don’t have the money on hand.
Kingcash provides personal lending solutions that allow you to pay for this expense quickly. You can even access same-day loans that don’t require a credit check.
This is very useful if your car is in the shop and needs a costly repair. You need your vehicle to do daily tasks and get to your work.
Getting one of these quick loans allows you to have the work done so that you can pay the loan off. This is a much simpler process than any other loan providers have.
It is also ideal for those who may not have the best credit.
Use a Credit Card
No credit check loans from King Cash are one of the best options, but it isn’t the only one. If you prefer, you can also use any credit card that you have.
This can be a risky way of paying for emergency car repairs. You have to keep in mind that your credit card needs to be paid off as fast as possible.
Every credit card has different interest, which can add to your debt. Some interest on credit cards could even add 30 to 40 extra dollars to your bill every month.
You will need to keep track of your spending and dedicate as much money to pay it off. You should also choose the credit card that has the lowest interest if you have multiple.
Make sure you do not miss a payment, otherwise your credit score could suffer.
Take From Your Emergency Fund
The best way to pay for emergency car repairs is with your emergency fund. Everyone should have an emergency fund that provides them with extra money when they need it.
This is different from a savings account since you should never touch your savings. This is money set aside for your future, for things such as retirement.
Your emergency fund is something that you set aside if you need emergency money. You can tap into this money if something comes up out of the blue, like car problems.
Experts recommend that people have at least three months of money saved to live off of. But the reality is that a lot of Canadians do not have an emergency fund set aside.
Some people are unaware of emergency funds and how important they are. But others are fully aware but simply don’t make enough money to set aside.
If you have access to an emergency fund, this is the best way to pay off your car repairs.
Ask for a Paycheck Advance
There are some instances where you may be able to ask for a paycheck advance. Some jobs will advance your paycheck if it is an emergency.
This only applies to jobs where you have a specific salary. If your paycheck changes month to month or week to week, this wouldn’t be possible.
It is also important to remember that not every company is going to allow this. Your job may not allow for advance paychecks since some people may abuse this option.
Borrow the Money
Another option is to borrow the money from a friend or family member. Depending on how expensive the repair is, you may be able to ask for a small loan.
You can keep track of how much money you borrowed and pay it back as you are able to. This is another great way to pay for emergency repairs without going into debt.
You will need to be clear about how much you need and when you can pay the money back.
Sell Something
Some people are able to sell something that they already own if they need money quickly. You can often sell used goods online or in stores that negotiate.
Keep in mind that this may not apply if you need a large sum of money. You also want to make sure the item you are selling goes far enough to make the effort worth it.
Get a Payment Plan
Some auto places allow for a payment plan for expenses. If possible, this is a great option to limit how much you have to pay upfront.
Instead of paying for the repair in one day, you may be able to do this over the course of a few weeks or months. This makes it much easier to manage even if you don’t have extra money.
Using Kingcash for Emergency Car Repairs
If your car needs to be repaired, you may want to use Kingcash. This is a company that provides fast loans in Canada for those who don’t have money on hand.
Do you need a no-credit check loan? Contact us today at Kingcash to get a loan in as little as 24 hours.
