If you have a car and you just smashed it into a tree, but you don’t really have the money to have it repaired, I think that you are slightly – or more than slightly – panicked and would like to know just how you can get some cash to get it fixed and fast.
If you don’t have the money saved in your account, and your credit card is tapped out or non-existent, and you don’t want to or can’t approach friends and family, there is a way.
Many payday loan lenders offer loans, both online and in storefronts. Payday loans are short term loans for relatively small amounts of cash that are easy to get. They are designed for people with poor or no credit, and no where else to turn. You can get your loan approved and the money in your account the same day you apply, or usually no longer than 24 hours or the next business day.
The main requirement for applying for a payday loan is – as the name suggests – regular employment. Showing proof of employment – such as a paycheck stub or regular electronic transfer payments into your checking account, along with some ID, will usually be enough to get you approved.
You can use the money to get your car repaired and back on the road quickly, so you can get back to work. And earn the money to pay back that loan. They don’t come cheap, however.
Payday loans, especially when used for car emergencies, can be tremendously helpful. They can also be dangerous if you take out a loan without knowing how you are going to pay it back. They are not an alternative to financing a car with a normal car loan. Payday loans should only be used for emergencies, such as getting your car back in safe and working order.
Of course, the money you borrow can be used for anything you want. It’s not a good idea to use payday loans to finance purchases of things you want but don’t need. They should only be used for emergencies. If you do not keep your promise to repay the amount due within the time specified, the interest, fees and penalty charges can grow quickly, so quickly, that in a few months you can owe double what you originally borrowed.
The only time you should take out a payday loan to use on your car is in an emergency.
Auto insurance is one of those necessary expenses that can eat you alive if you aren’t careful. This is especially true for those of you that stick with an auto insurance company, get complacent, and forget to check the market from time to time.
Though there is a lot of competition in the auto insurance industry, many of the upstarts, such as GEICO, esurance, and Progressive have been able to penetrate the market by offering great customer service and lower rates, banking on the fact that they’ll make up for low margins by pushing a lot of volume.
And this has paid off, because according to the annual JD Power & Associates insurance ratings, many of the highest rated companies are some of the newest.
It’s because of this competition, and the way these upstarts have scared traditional insurance companies, that it’s highly possible to save money on auto insurance every 6-12 months by doing nothing more than getting a few free quotes and comparing them to your current policy. Better yet, it’s also possible to save money in the middle of a current policy, since there are usually zero penalties for switching providers mid-term.
Besides switching providers, a few other ways to save money on auto insurance are:
- Raising deductibles – if you have an older car or plenty of money in the bank, consider moving to a $500 or $1,000 deductible to save money.
- Removing full coverage – though this is not recommended for cars that you still owe money on, you can remove comprehensive and collision coverage and save a substantial amount of money.
- Driving less – many car insurance companies will lower your rates if you tell them that you are driving less than 5,000 miles per year. Of course, you don’t want to lie, but if that’s you, see if you can get a discount.
- Remove add-ons – if you don’t need towing or rental car reimbursement, you can usually save a few dollars per month by dropping these coverages.
- Buy older cars – older cars cost less to fix, and are usually much cheaper to insure than new cars. If you’re having a hard time with insurance, consider selling your newer model and buying something with a bit more mileage under its belt.
To save money on auto insurance, get new quotes regularly and take advantage of coverages and discounts to maximize your value. If you have any questions, you can easily get help by calling your local insurance agent.
Car parts are ridiculously overpriced. If you’ve ever taken your car to the dealer for repair, or tried to buy a replacement part, then you know exactly what I mean. Something as simple as a stereo knob costs about ten times more than it should, and when it comes to metal parts, it gets even worse.
While aftermarket parts, such as those that you buy at local auto parts stores, can help mitigate those costs, the problem there is that they’re still expensive, and if you’re on a tight budget, then buying even aftermarket parts might put you in a bad spot financially.
It’s for reasons like this that I’m a big fan of trying to save money with used auto parts when I can find them. For parts that are unseen, such as underbody (exhaust, rotors, etc), or inside of the engine, I don’t mind buying used parts provided that they are in decent shape. You can often get these at local scrap yards, or even on classified ad sites, from people that have dismantled their cars for parts, or had an accident in which the insurance company wouldn’t fix the car, but left it with many good and usable parts.
Even on parts that will be seen, such as body and interior parts, you can often find them in good enough shape that they won’t look out of place, and when they do, a bit of repair work can be used to finish the job.
When you save money with used auto parts from a junkyard or online site, you can often save as much as 50% of retail cost.
The only downside to buying used auto parts is that usually they don’t come with a guarantee, so if you’re buying something mechanical, you’ll want to test it before installation. For example, a used muffler might sound like a great deal until you find out it won’t pass inspection, and is a waste of money. Engine parts in particular, are important to test as you don’t want to introduce anything under the hood that could cause more damage or make your vehicle unsafe.
Used auto parts are easy to find if you know where to look, and they are often available for other vehicles too, such as motorcycles, boats, and ATV’s. So next time you need to buy a new car part, check used first and see what’s out there. You might be surprised at the price difference.