How to cover unexpected vehicle costs

Last post: Aug 1, 2017

Whether you've had a nasty knock, a breakdown or your car's a total write off, staying on the road is often essential. Here's how to cover the costs...

 If you're a believer in Murphy's Law, you'll know that anything which can go wrong, very often does go wrong when it comes to your vehicle. From nasty knocks and unexpected flunked MOTs, to total breakdowns, sometimes our cars, motorbikes, trucks and vans let us down out of the blue – and sorting the problem can be very expensive.

Whether you need to pay for costly repairs or buy an entirely new vehicle, sorting our busted wheels is usually an expensive priority. Without relying on public transport, getting to work, getting the kids to school, getting groceries to older relatives and generally taking everyday life in your stride becomes very tricky indeed.

But what can you do if you don't have an emergency fund saved up to help you cover unexpected costs such as these? These options might help you get back on the road...

1. Use an unsecured loan

Unsecured loans give many people easy access to short-term finance, often on a fast and flexible basis. As these loans are not secured on a property or asset, they typically come with higher interest rates than secured loans, however they are readily available if you can prove affordability. Our unsecured loans are available for amounts up to £25,000 and can be in your account within 24-48 hours of your application.

2. Ask friends or family

Asking your loved ones for financial assistance may feel awkward, but it is one of the most affordable and flexible ways to access short term finance to cover costs like emergency car repairs or buying a new vehicle. Present them with a clear repayment plan to ensure everyone feels comfortable with the arrangement. You could even offer to pay a small amount of interest.

3. Buy on credit
If your car is completely kaputt and you need a new vehicle, buying on credit may be more achievable for you. This can work out pretty expensive over the long term, so make sure your thoroughly research the deal to ensure it is the most affordable way to do things. It may work out cheaper to take on a short term loan, buy the vehicle outright and repay your loan provider over time.

We offer personal unsecured loans up to £25,000, working with applicants on an individual basis to gauge affordability. We may be able to offer this type of finance even if you are self-employed, retired or have adverse credit. Enquire today to source finance fast.