If your car has broken down or needs urgent repairs it can be very stressful and potentially expensive. Not only does it mean you’ll be without a car until it gets fixed, but it may also put you under financial pressure, especially if you have no emergency savings to help.

At QuidMarket, we can provide short term loans to those who need money fast but want to spread the cost of paying back over a few months. Choosing between 3 – 6 months to repay can be a solution to resolve your emergency car repairs for those without available savings or other means to pay their bill.

This article aims to provide an overview of emergency car repair financing and whether this is a good option for you.

How to Get Your Car Fixed in Emergencies – Advice if your Car Breaks Down

There are a few situations where you may find yourself needing emergency car repairs. Knowing how to get your car fixed in emergencies is crucial for your safety and reassurance and hopefully, you’ll already have breakdown cover that can quickly come to your aid if your car stops working whilst out driving. Here are a few tips on what to do if you are faced with a car breakdown out on the roads, according to the AA:

  • Ensure you’re safe – if your car begins to struggle or the engine cuts out, try to move your vehicle off the road where possible. If you are on a motorway and not able to take the next exit, you’ll need to see if you can pull over onto the hard shoulder away from traffic.
  • Put your hazard lights on & wear a reflective jacket – your hazard warning lights will tell other motorists you have an issue. If you have a high-vis jacket, put this on.
  • Stay away from traffic – you should only exit your vehicle if it is safe to do so and exit using the doors that are pointing away from traffic. Stand behind the barrier if there is one and as far back from traffic as possible. If you have broken down in the middle of a road or motorway that is busy, stay in your car unless you are very sure it is safe to get out.
  • Place a warning triangle – if you have one, place a warning triangle at least 45m behind your vehicle. This should only be done on non-motorway roads where it is safe to do so.

Different types of roads may mean different scenarios, but the above should keep you safe whilst waiting for recovery. You can discover more about what to do by viewing the Highway Code rules for breakdowns and incidents.

Can I Fix my Car on Finance?

Many people opt to buy cars on finance agreements where they have the option to return and swap the car for a new one every certain number of years. Since the finance company owns the car, if you return the car covered in dents and scrapes, you can expect to be handed a hefty repair bill to fix the damage. Therefore, it’s important to have it insured so if you do encounter accidents or need repairs, your insurance company should be able to cover it.

If the car is worn beyond an acceptable level, you can expect a bill for the cost of rectifying any excessive wear or damage. What’s acceptable varies with the age and mileage of the vehicle, but the finance company is looking to ensure the car is in a suitable condition to be sold on.

To answer the question, “can I fix my car on finance?”, yes you can, however, you will need to ensure that this is an affordable option. Borrowing more money alongside your existing commitments may cause financial strain, especially if you cannot afford to sustain the necessary repayments.

Some people may look at a short term loan as an option to cover any emergency car repair costs that cannot be resolved through other means, such as savings or available credit. This should only be used as a last resort once other options have been exhausted first and you can afford the monthly or weekly repayments.

Car Repair Loans: What are my Options for Car Repair Financing?

If you’re struggling financially and can’t afford to fix your car or need emergency cash to pay for car repairs, you are not alone. There are many people in the same position. If you have saved yourself an emergency fund, you can use this and quickly resolve your situation.

If you don’t have an emergency fund saved, then you’ll be feeling stuck on how to get your car fixed. You could:

  • Borrow from family or friends – this can be your best option as it means not having to borrow from a lender. Not everyone will be comfortable with speaking to friends and family about financial issues, but if it is an option, it could help in the short term.
  • Try to find a low-cost mechanic – not all car repairs will involve expensive part replacement, and you may find an affordable mechanic that can help. Sending your car to the manufacturer can be one of the most expensive options, so look around and see if there are any good recommendations from friends and family.
  • Look at finance options – some companies may be able to offer finance options for large car repair bills. This can be ideal if you can’t pay the full cost in one lump sum, however, you should compare your options to check you are getting the best deal.

Borrowing money from anyone except close family, friends, or registered lenders like us at QuidMarket, may mean choosing an unregulated source. This could mean much higher costs for you to pay it back. You should always choose lenders that are FCA authorised, and only borrow emergency loans if you really need to.

What Happens if a Mechanic is Taking Too Long to Fix my Car in the UK?

In the UK, when you put a car in for repair, the garage has a legal obligation to carry out the work within a “reasonable” time frame. This will depend on the type of repair that is needed, e.g., a wheel replacement will take less time than fixing the brakes.

If a garage fails to meet what’s considered a reasonable deadline, you may be entitled to a discount on the repair or you can take further action to resolve the problem by submitting a formal complaint.

Always ask your garage what they can do to help before you spend any extra money on hire cars or travel. For example, they might be able to offer you a courtesy car. If there are options available to help you minimise the impact of having your car repaired, you should consider them. It’s a good idea to keep a record and receipts of any extra money you must pay for travel while you’re disputing a bill. You might need to prove this down the line.

Get Financial Help When You Need Urgent Car Repairs

We know that having a working vehicle is important for many different reasons, whether you need this for commuting to work, or to be able to transport family. Car ownership means unexpected repairs and issues can always crop up, so being as prepared as possible for this will help you cover the costs when it happens.

Ideally, you’ll have an emergency savings fund you are paying into regularly for this reason, but if not or the funds aren’t enough to cover the car repair, we can help.

To start an application for a quick loan at QuidMarket, please click apply now for a fast decision. Contact us if you have any questions regarding our loan options. For more information to help you with saving and car ownership, please visit Money Helper.

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This is for illustration purposes only. Your repayment schedule will be confirmed during your application

*All applications are subject to affordability checks*

Representative example: Borrow £300 for 3 months / Interest payable £154.38 / Total amount payable: £454.38 in 3 instalments / 3 payments of £151.46 / Representative 1299.7% APR / Interest rate 292% per annum (fixed) / Maximum APR 1625.5%

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As a new customer the minimum repayment period is 3 months and the maximum is 6 months. Additional options may be available to you as a repeat customer.

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Warning: You should never pay upfront fees for a short term loan or send money in return for a short term loan. Late repayment can cause you serious money problems. For help, visit: www.moneyhelper.org.uk