Car repairs are costly, but they’re not among the expenses that most people prepare themselves to cover.

Few put money aside to cover the costs of an annual motor vehicle service, let alone the repairs or replacement parts required following unexpected breakdowns or accidents.

When a vehicle unexpectedly lets you down and you need it back in action fast, this may mean that your best option is to secure a loan for car repairs.

Expect to pay thousands for service parts

These days, just servicing your vehicle can leave a gaping hole in your bank balance.

An average basket of parts, including an air and oil filter, spark plugs, wiper blades and front and rear brake components, can vary in cost from around R2 000 to R12 500, depending on the make and model of your car.

Add in the cost of labour and the cost of routine maintenance a motor vehicle requires is enough to wipe the smile off anyone’s face.

Repair parts cost even more

Enter those horribly unexpected incidents – a motor vehicle accident or breakdown – and the outlay on repairs may skyrocket.

According to one survey, the owner of an entry-level car can expect to pay an average of R16 000 per year just for typical automotive repairs, involving parts such as cam belts, shock absorbers, clutch plates, fly wheels and fan belts.

Upgrade to a luxury crossover like a Mercedes GLE 250 or VW Touareg V6 TDI and you can expect to pay tens of thousands of rand for parts alone.

Accident repairs

The expenses associated with mechanical spares pale in comparison to those for standard body parts. A relatively small car accident can set you back thousands.

Simply replacing a front fender and fitting a new tail light assembly on a budget car, like a Datsun Go, currently comes with a parts-only price tag of roughly R3 000. This cost can escalate to more than R10 600 if you drive something like a luxury Mercedes C200 sedan.

A more seriously damaged vehicle that needs a new bonnet, grille, radiator, front fender and bumper skin, for example, requires an average outlay of R13 388 for a Toyota Conquest 1.6 – or R34 693 for a Kia Sportage.

By way of example, consider these average costs for replacement body parts if you drive a Volvo S60 T4:

• wheel rim: R13 388
• headlight assembly: 12 768
• front windscreen: 11 229
• front door: R10 830.

How to get a loan for car repairs: the options

The high costs associated with car maintenance and repairs can quickly eat through any emergency funds you’ve saved, making it necessary to get a loan for car repairs.

Getting a bank loan for car repairs

You can apply for a personal loan from the bank, provided you’re currently employed and have a reasonably untarnished credit record. However, you might not be granted the loan, or a loan that’s large enough to cover your car repair costs. It can also take time to complete the application process.

Getting an asset-based loan from Lamna

If you have a high-value asset, from jewellery to a luxury watch or valuable artwork, you can use it to secure an asset-based loan from Lamna. You can use the funds to cover the cost of car repairs or any other expenses you choose.

We don’t conduct invasive checks into your financial status because your asset serves as collateral for a loan – and our interest rates comply with National Credit guidelines

For more information about using an asset to secure a short-term loan for car repairs or other purposes, contact us on 086 111 2866 or simply complete and submit our online application form.