Unexpected expenses can put a damper on your day and leave you wondering how you’re going to pay for them. Some of the most unexpected familiar expenditures are auto repair expenses, home appliance costs, housing degradation fixes and the like. The average cost of a car repair can be anywhere from $500 to $5,000 depending on the cost of the parts and the labor that’s involved with changing them. The average home renovation job costs over $18,000 for a home that is fewer than 1,000 square feet, according to Home Advisor. Home Advisor also says that a new roof estimate is anywhere between $1,700 and $8,400 depending on the materials that you choose and the professionals that you hire. A new water heater can run you about $1,100. You’re going to need some serious cash to do these jobs. Here are some helpful tips on how to pay for an expensive repair.
Apply for a Cash Loan
Most people don’t realize that they can apply for a loan online. When a costly repair is needed and money is tight, quick cash loans can be a lifesaver. Whether applying for a cash loan online or in person, it’s important to read the terms and conditions carefully before accepting an approval. While these sorts of financial instruments are especially useful for those lacking the credit score required for other lending options, this means the interest rates will be higher and the payment term shorter. Doublecheck your finances to ensure you will have the ability to pay back this debt as stipulated by your loan agreement.
Apply for a Credit Card
You could apply for a credit card from a home improvement store like Lowe’s or Home Depot. If you meet their credit-holder requirements, they may be willing to bless you with a healthy credit line that will help you buy all of the materials that you need for your job. Then, all you’ll have to do is hire the right professional to install those things. Auto repair shops are usually partnered up with credit card companies as well. You might be able to apply for a credit card for your auto repairs right there at the shop, and you may just get instant approval. The great thing about credit cards is that you can get the work that you need done and boost your credit score at the same time – so long as you use them responsibly.
Apply With Your Local Bank
You may want to step into your local bank and apply for a personal loan. They will probably offer you a decent interest rate, and you will have a significant amount of time to repay the advance. You have the best chance of getting this loan from your bank because you’re a customer there. So try them first before you go to another Institution. The loan amount will vary according to the bank, your credit score, your debt-to-income ratio and so on.
P2P Lending or Crowdfunding
You may want to try peer-to-peer lending to get the funds that you need for your project. Peer-to-peer lenders are everyday people who are interested in investing in other people’s emergencies and special projects. Registration on a P2P site is quick and painless. You can get rapidly the help you need if you are honest, and you write a compelling ad. As with other loans, your interest rate will depend on your credit score. Crowdfunding is an option. P2P and crowdfunding are similar processes, but your campaign efforts have to be more diligent with crowdfunding than with P2P. Crowdfunding is good if you already have a network of friends and family members that would be interested in contributing to your cause.
Sell Your Things
If you like the thrill of selling things, you could always rummage through your house and find buried treasures that you can list on eBay or a similar site to earn extra money. If you want to be more hands-on, you can have a yard sale, or you could take your things to the local flea market and rent a table. You’ll be surprised how much you can earn there off of items that you no longer use.
That’s just a handful of the many good ways that you can potentially earn money for your repair or special project. Try them first, and then start getting creative.