Life isn’t always straightforward. Even the most responsible person can get hit with unexpected bills or have to pay for an accident. If you’re in a bind, there’s nothing more valuable in today’s world than your car. Having the ability to get to work, transport others, or deliver goods can make a difference in your earning potential. Transportation can make or break your ability to pay your bills.
If you get in a bind, you may have to make some cutbacks. But think carefully before you give up your vehicle. Your vehicle gives you reach, and as long as you cut other bills and hold onto it, you can enjoy the following benefits.
It transports you to work
The ability to get to work reliably determines your earning potential. Without a car, you must rely on a friend to give you a ride or the public transportation system. The challenge becomes that the bus or train might not be running when you are done with your shift, or your friend is working different hours than you.
Being able to get to and from work independently means you can pick up extra hours if you need a jolt of cash to cover a bill. Getting to work reliably will make the single biggest impact on your financial situation.
Use it to gig
Many people have several jobs instead of just one, thanks to the new gig economy. If you have a job, and a vehicle, but can’t seem to pick up any extra hours, your car gives you the freedom to do a short-term gig.
Gigs are temporary jobs you can complete to put a little more cash in your wallet. Whether it’s Instacart deliveries, Uber, or Gigwalk, you can sign on to an app and pick up a gig for a few hours to supplement your regular income.
Take out an auto equity loan
If you need cash more quickly than the time it will take to pick up an extra shift or gig, the fastest way to get cash is to use the value of your car for a secured installment loan. Many people find themselves in an emergency where they need cash right away and can pay it back reliably in a few weeks or months.
An auto equity loan allows you to borrow based on the value of your automobile while you continue to drive. In most cases, you can complete the loan process and get cash in one day.
Meet a buyer to sell an item
Your car gives you the freedom to pick up free items listed on Craigslist or Nextdoor and flip them for a profit. Cruise the local websites in your area and pick up any items that you’d be willing to resell for a price.
People often list valuable items that they simply don’t have time to sell. Clean it up, take great pictures and write compelling descriptions before you re-list the items. They’ll likely net you at least a few extra bucks, but worst case you’re not out any cash on the deal and can donate the item to get rid of it.
Your car is useful in an emergency
You know that your car gives you the freedom to come and go as you please. But you might not realize how valuable it is in a financial emergency. Responsible people get hit every day with unexpected expenses and need access to cash immediately. Your car is probably your most valuable possession when you have to generate income immediately.
