Hello reddit! So, long story short. My dad financed a car for me that has turned into a lemon within 5 months of me owning it. It’s used and has about 120,000 miles on it with no warranty. It’s looking like my dad’s bank will not allow him to trade it in until the loan is payed off. Normally he would help me with my question here but he has since stopped answering my questions about my current car’s situation.
I have never taken out a loan in my life or ever bought something as big as a car. I’m 26 and live with a roommate ate in an apartment due to not being able to afford living there without one. Repairs on my current car have wiped out all my saving so I don’t have much for a down payment. I have no skills with any personal finance other than budgeting, tracking my expenses, and building my credit through a chime credit builder card.
So, that brings me to my questions. How does one finance a car in simple terms? Assume I’m an idiot when you explain it please! A lot of the websites I have read use a lot of language I do not understand. I do not want to get taken advantage of because I literally cannot afford that right now. Also, thank you so much for the help in advance!
original posted by thenumber1hero to r/personalfinance on Fri, 29 Mar 2024 16:02:10 GMT.