2001 320 - V belt or alternator belt?
 

Just trying to get a second opinion before I have it towed. This morning my radiator warning light came on. A few minutes later a "red" battery light came on and I lost my power steering. Roadside assistance said it sounds like I need to replace the V belt or alternator belt. Does that sound right? This is my first major repair on this vehicle!!!

Yes you need a new serpentine belt, but you need to know why it broke. I suspect a bearing seized in one of the accessory pulleys. My guess would be the bearing in the tensioner pulley or water pump.

How many miles on vehicle?