7 Common Car Repairs and How to Finance Them
One of the best things about owning a car is the freedom to go wherever you want to. But one of the biggest challenges of owning it is the maintenance cost. Every car owner has had to deal with some form of maintenance or repair cost at one time or another. Below are some of the most common car repairs and how you can come up with the funds to address them.
1. Engine coolant issues
As a car owner, you will need to pay close attention to your coolant system and do regular maintenance checks on them. Look for puddles underneath your car, this may mean your car is leaking coolant. Coolant problems can set you back $35 to $65 dollars, or it could also cost you over $400 if the problem is not as simple as replacing a radiator hose.
2. Brakes
Your brakes are important for your safety so you should never ignore brake problems when they rear their heads. Always make sure that your brake fluid is at the proper level and that your brake pads are not worn. Damage to any of the cylinders could cost you hundreds of dollars.
3. Tires
Tires can be very expensive. Replacing a damaged tire with a new one could cost you around $100. If you have a bigger car, those tires could be more than $150 each.
4. Small parts
These could be tail lights or windshield wipers. Each of these may not cost a lot. But together, these could be costly to replace.
5. Batteries
The average cost of a new car battery is around $50 to $100. More expensive ones could cost you $200. The average lifespan of a car battery is around 4 years.
6. Ignition system
Starter solenoids help start your car. Solenoids in the transmission help in shifting. Damage to any of these could mean your car will not start or will start shifting erratically. Replacing these could cost you up to $400.
7. Seat belt
Another important safety component in a car is your seat belt. Malfunctions could include locking issues and retractor problems. Replacing a seatbelt could cost you around $65 to over $200 depending on where you have them replaced and your car model.
At some point, you may need help with paying for car repairs and maintenance. One of the options to finance your car repair is through auto repair loans. These are typically personal loans that can either be secured or unsecured. If you have a good credit score, you can opt for an unsecured loan. Approval for this type of loan, along with how much you can borrow and the interest per month will depend on your credit score. Secured loans involve collateral. In auto repair secured loans, the usual collateral is the car title.
Another option is to negotiate with your mechanic. Find out if they have an in-house payment plan that will allow you to pay off your bill in installments.
Having a car not only means having the freedom of movement; it also means having the responsibility of maintaining your car in optimal condition.
