Amara walker October 4, 2022

A car purchase is always on the wish list. However, they delay it owing to the rising cost of living and limited income. The fact is – Yes, you do not need to replace the car until it reveals serious glitches.

For example, what if your existing car suffers sudden overheating issues? Overheating is the worst thing to face as it damages the car internally. In the event of an emergency, you tap the savings pot.

What about the long-term goals you have with these savings?

Yes, savings may prove helpful at the time of need, but on the other hand, it distances you from your goal of car purchase. Moreover, the handful would not suffice the car repairs.

Car insurance may help get the required assistance. It generally covers repairs up to an extent. Has it expired?

Insufficient Savings and no Insurance: How to get urgent cash?

How about getting instant cash for car repairs?

If you find yourself in an extreme cash crisis with urgent car repairs, you must explore other options. Here are three potential options you have:

  • Contact friends and family
  • Do it yourself
  • Get guaranteed cash to fix the repairs quickly

If you are thinking about the last option, you have made the best choice. Yes, you can opt for this regardless of your credit score. Payday loans in Ireland are one of the best ways to get the wheels back on the road.

How Do Payday Loans Help Urgent Repairs?

These are short-term unsecured salaried loans that ensure quick turnarounds for all credit scores. You can instantly get up to €1500 in your account if you have a stable income receipt. Specifically, apply for Payday loans in Ireland for car brake repair, clutch repair, replacement of the cracked windshield, tire replacement, Rusting, re-alignment, etc.

You can get these by a direct lender offline or online. It is one of the best personal loans in Ireland.

Though these are no-obligation loans, the interest rate could be competitive. You can contact us to re-adjust the repayment period in case of financial difficulty or pre-payment.

Payday loans are the best way to modify or accomplish a few repairs. But repairs may not be the ideal option if your car is old or in shatters.

When should you begin exploring new car options?

If your car has gained years or is 10-12 years, repairing would only add a few more months to its life. In this case, you can instead begin exploring the best new car deals. Here are some reasons to explore new car quotes:

  • The car value turns obsolete
  • The car begins encountering serious heating or rusting issues
  • Wants to increase security standards
  • Updated and advanced technological setup
  • Increased income with enough flexibility for deposit
  • Leveraging profitable car deals
  • Getting the best new model on board

Buying a car is the most promising investment for a family. Whether it is about competing with the neighbours on the next best model or accomplishing the dream trip, the car is your partner for life.

Car loans are an ideal option if there is no cash or savings. "Okay, what's new?" The emotion is relatable.

Individuals facing rejection from high lenders for the umpteenth time; lose hope of buying the car. The primary reason is a low credit score. Poor credit history could affect your chances of securing funds. But it is not impossible. If you lack the cash to buy the car outright or have credit issues, do not worry! You can still get your dream car!

But losing hope on something you dearly want is not worth it.!

Bad credit Car loans: Bring your dream car home; today!

One of every 5 new and used car buyers is outing off their purchase until a later date. As per statistics, "high living costs" is the reason for this. Rising costs and inflation is affecting 7 out of 10 purchases. Amid this, bad credit scores affect the car buying decision.

What if the existing car performance falls?

It would not be ideal for deferring the car purchase plan when you need it the most. Bad credit car loans are for those individuals seeking to buy a car on insufficient credit. Some lenders provide loans to persons who want to buy a car basing other parameters than credit issues. In this case, lenders may provide loans at a slightly higher interest rate:

There are scenarios to acquire a loan in this case:

  1. Go For Hire Purchase Loan Agreement

As per this loan agreement, the buyer does not get ownership of the car until he pays in full. However, he can use the car but cannot legally buy it.

2. Higher deposit

In bad credit, the lenders help the borrower get the car loan by opting for a high deposit option. You could get the loan instantly if you have an excellent income capacity and share the flexibility to pay a higher deposit upfront. It eliminates any risks on the lender's part, and thus, he agrees.

3. Get a co-signer

The situation becomes a bit complex when you lack income or credit score. However, you do not need to give up on the loan; get someone to co-sign it.

The cosigner should essentially be a business partner, spouse/husband, mother, father, or brother. You may get the loan if he shares good credit and income backing. Chances are, you may get one at lower interest rates. It eventually reduces the overall loan costs.

4. Homeowner

It is a sort of secured bad credit car loan. If you lack income, credit score, or a cosigner on a loan, you could pledge a part of the home to get the loan. In this, the borrower shares much more flexibility than other loans provided by a direct lender, like personal loans in Ireland.

Personal loans are generally unsecured loans for small and long-term purposes. In this case, a bad credit car loan is perfect. The loan amount you will get will depend on the affordability. Explore the above options thoroughly before going for secured bad credit car loans.

Bottom line

So, these are some options to get your dream car despite the low credit score. Which of these do you think would meet your financial circumstances? Comment.