1-888-852-7647 info@prudentfinancial.net

repair or replace-prudent1When you rely on your vehicle for everyday use – whether to get to work, to get the kids to school, or to get that weekly list of chores completed, you may take advantage of being able to head out to the driveway, hop in and head off down the road. However, when your vehicle is having problems, the reality is often more difficult to deal with. This week we’re talking about when it makes sense to repair it and when it makes sense to move to greener pastures.

Here are some things to consider to help you decide whether to repair or replace your vehicle.

  1. Look at your car’s current mileage. Are you sitting at 300,000kms? Sure, some cars are built to last, but for how long? Often this is one of the easiest ways to determine if it is worth fixing or if it is time to trade up. Sure, there is no hard and fast number to base the decision on, but if you know that your engine is probably not going to hold up for the long-haul, maybe repair is not the answer. However, if your odometer reading isn’t too high, maybe fixing it makes more sense.
  2. How major is the repair? Are you looking at a major engine overhaul or just replacing a drive belt? If the cost of the repair is the determining factor, the size of the repair may just make that decision easy.
  3. What are others saying about your vehicle online when it gets older? Cost and mileage aside, both of which are important of course, it always helps to see what others are saying about the vehicle. It is one thing to listen to your mechanic, and another to jump online and review what other owners have to say. Sometimes these recommendations can provide a little more insight if the issue is a common one, or one that is likely to occur again.

Great, so you’ve covered the bases and made a decision to repair. Now what? To do so you may need some extra cash. This may seem problematic if you’re sitting with bad credit or no extra money in your savings account. Don’t stress, you have options.

If you decide to repair your car, you can finance it even if you have bad credit. You just need to make sure you choose the best option.

Payday loans. No. Not an option. Move away, as fast as possible. Payday loans are incredibly expensive and they don’t report to your credit. Next.

Loan shark. Need we really cover this option? We think not. They are called sharks for a reason…Next.

Finance companies. A finance company that offers loans to those with less-than-stellar credit is your best option. Just make sure it is one with an office and that it will report to your credit report. A conventional loan from a finance company is best because these are amortized over a year or more with an option to pay off early, feature less interest and fees than the above two, and there is no collateral to hand over.

If your car is not running as well as it should – or not at all – and you’re trying to decide whether to repair or replace it, these considerations should help.

If you’ve already decided, and want to find out more about how to cover that repair. Call Prudent today at 1-888-852-7647.