No one likes living with debt. Whether you got it from student loans, on your credit card, through medical bills or something else, having debt is like walking around with a weight on your shoulders. We all dream of the day we can be debt free and save up the money instead of spending it on past debts.
If this sounds like you, you’re probably looking for some ways that you can remove your debts a little bit faster. Luckily, if you’re the owner of a car, there are a few ways you can use it to do just that.
Use Your Car for a Job
Your first option is to use your car for a job. There are now plenty of jobs out there that require the use of a vehicle, and the best part is many of them have flexible hours. By taking on some extra work in your spare time, you can put this money towards paying off your debts.
For starters, you could get one of the traditional car-related jobs and start making deliveries. Find a restaurant in your area that needs some delivery drivers or sign up for a program like Uber Eats or Grub Hub. Not only will you make money each hour, but you can also make good money in tips if you work on a popular night.
Speaking of Uber, if you don’t want to deliver food, consider delivering people. With rideshare apps like Uber and Lyft, you can quickly sign up to become a driver and start making some extra cash in your spare time. You get to choose the hours you work, and who you pick up. Don’t have anything to do on a Friday night? Earn some extra money by driving people home from the bars.
Use Your Car for Advertising
Another option you have is to use your car for advertising. Some companies will pay you to drive around with their advertisement on your vehicle. This is essentially free money for doing something you would do anyway. Some people don’t like the idea of putting an advertisement on their car, but if you don’t mind, you could earn some decent money for very little work. Just be careful when signing up for something like this, as there are many scams out there. Also, make sure whatever advertisement you get is easily removed from the vehicle once you’re done with it.
Rent Out Your Vehicle
For those of you who have a car, but don’t use it a lot, consider renting it out. There are likely people within your area who need to rent a car, but don’t want to pay the expensive fees associated with a car dealership. You can rent out your car to these people for a few days or even weeks and collect the money yourself. Just remember that these people may not treat your car with the best care, and that they will add some wear and tear to it. Also, you’ll want to make sure that they are covered under your insurance, or their own, in case of an accident.
Sell Your Car
Our fourth suggestion is to simply sell your car. If you’re not using it, it’s only taking up space in your driveway or on the street. Even if your car is older or beaten up, you can likely still get some money for it were you to sell it. According to this car dealership, “Before you sell your car, you should look up the Blue Book value. This will give you an idea as to what your car is worth and give you a starting point when you go to sell your car.” You can then put this money towards your debt and pay it off just a little faster.
Selling your car is perfect for retirees, who perhaps needed two cars while both partners were working, but now need only one since you’re both at home. Consider your own situation and decide if you really need the car that’s sitting out front. If not, put up some ads online or take your vehicle to a car dealership and see what you can get for it.
Donate Your Car
Finally, if your car is too broken down to sell it, you could always just donate it. Donating it will allow you to get a tax write off, which could be very helpful come tax season. You could then use the extra money you get in your tax return to pay off some debts, or at the very least, owe a little less money to the IRS. A tax write off won’t help everyone, so you’ll have to examine your own tax situation and consider whether it’s right for you.
Putting the Money Towards Your Debts
As you can see, there are plenty of ways to get some extra money from your car. Once you find a method that works for you, take that extra money and put it towards your debts. Even just a few dollars a week will go a long way and will help you to pay your debts off faster. Then one day your debts will be gone entirely, and you’ll be free to use your car, and your money, in more exciting ways.
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