OneMain Financial: How to Budget for Major Car Repairs in Lafayette, LA   

Car trouble always seems to show up at the worst time. One minute, a driver is cruising through Lafayette and the next, a warning light flashes, and the vehicle ends up in the shop. Major car repairs, from transmission failure to a worn-out timing belt, might come with a high price tag. 

The good news is that drivers may be able to prepare ahead of time to reduce the financial strain. For those who need extra help, loans in Lafayette, LA, may offer a way to cover costs without delaying repairs.   

Here’s how drivers could start budgeting smarter for major car repairs.  

Plan ahead for potential repairs  

One way to deal with car repair costs is to prepare before something breaks down. While it’s impossible to predict every issue, drivers could get a good idea of what repairs may be needed based on the vehicle’s age, mileage and maintenance history.  

The vehicle’s owner’s manual often provides a basic schedule for when to replace things like brake pads, spark plugs or the timing belt. Car parts usually wear out over time, not all at once. Mechanics may be able to offer a personalized maintenance timeline based on the car’s make and model.  

An extended warranty may help you offset future expenses, but it likely won’t cover everything. By understanding what’s likely to wear down next, vehicle owners could set aside money each month to prepare for the cost in advance, avoiding last-minute financial stress when the repair becomes urgent.  

Create a monthly car repair savings plan  

Instead of waiting until a major repair is needed, Lafayette drivers might consider treating car maintenance like a monthly expense and set up a car savings fund in advance.   

Even small monthly contributions may add up over time. For example, saving $50 per month could lead to a $600 fund in one year — which may be enough money to cover many common repair bills. For those who want a more customized savings goal, looking at last year’s repair costs and dividing that total by 12 may provide a helpful monthly savings target.  

Keeping car repair savings in a separate bank account could also make it easier to track and prevent accidentally spending earmarked funds elsewhere.  

Consider a personal loan when costs are too high  

Even if you’ve set savings aside, some car repairs may still cost more than expected. In these situations, it helps to know what financing options are available. For residents of Lafayette in need of financial support, a personal loan could help make repair costs more manageable.  

A personal loan is a lump sum of money you borrow from an online lender, bank or credit union. The borrower commits to repaying the loan in fixed monthly payments over a predetermined period of time. A personal loan is often used to pay for expenses like car repairs or home renovations.  

It’s important to check the interest (the cost of borrowing) that’s charged on the loan principal (the amount borrowed). A lower interest rate costs the borrower less in fixed monthly payments over the life of the loan, while a higher rate means paying more.  

A personal loan can be either secured or unsecured. A secured loan requires collateral, or something of value someone owns, like a car, to back up the loan. An unsecured loan does not require collateral. For unsecured loans, a lender will consider the applicant’s credit score, history, income and other factors instead.  

Since every lender is different, it helps to shop around. Potential borrowers should compare monthly repayment amounts, how long the loan will take to be paid off and whether there are any extra fees, like an origination fee, which some lenders charge for processing the loan.  

Reduce repair costs without sacrificing safety  

Auto repairs don’t always have to break the bank. There are a few ways to save money without cutting corners on safety. Some helpful strategies include:  

• Compare estimates: Prices may vary between repair shops, so comparing quotes could help find a better deal.  

• Look for local deals or promotions: Some mechanics offer seasonal specials or discounts for loyal customers.  

• Handle simple repairs at home: Basic maintenance tasks like changing an air filter or replacing wiper blades could be done with minimal tools. However, proceed with caution and always consult a professional before attempting any repairs on your own. 

By using these tips, it may be possible to stretch a repair budget and save money without compromising on quality.  

Stay prepared and in control  

Budgeting for major car repairs takes some planning, but it may make a big difference when unexpected issues arise. With the right approach, staying on the road may become less stressful and more affordable — no matter what bumps appear along the way.  

SPONSORED CONTENT  

About OneMain Financial  

View Website   

OneMain Financial is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans.  

Media Contact Information
Name: Sonakshi Murze
Email: [email protected]
Job Title: Manager