To dream that you are applying your brakes, signifies that you should slow down in your business and/or personal affairs. You have been living on the fast lane and you need to take it easy.
To dream that your brakes failed, forewarns that you lack any sort of stability in your life. Your life is out of control. Any agreements that you entertain or engage yourself into will prove risky. It is also not a bad idea to check out the brakes in your car, as you mind might have picked up subtle cues and is manifesting the problem in your dream.
The brakes in a car or other vehicle can represent:
Self-control or caution, or the ability to exercise it
Slowing or stopping within a certain area of your life
Using the brakes too much can mean you're feeling hesitant or like your holding yourself back somehow in your life.The brakes being stuck in the "on" position can mean you're feeling an obstacle within yourself but feel unable to work through it.