So, my 16yr old car with 210,000mi on it (worth maybe $1k) was recommended $3,200 in repairs. YIKES. I knew it was on its last leg, but I was hoping it'd last until the end of the year.
How should I go about getting approved to finance a newer car? My credit SUCKS and I'm afraid of getting a super high interest rate because of it.
Before you start car shopping... get a second opinion on the repairs to your existing vehicle. Did this recommendation come from a mechanic you trust? Or a dealership that is just trying to get you to upgrade to a new vehicle? Find out which repairs are absolutely necessary to keep the car running safely, and how cheap you can get those repairs. We wrote a guide to that here:
How To Save Money With Affordable Car Repairs
Now, if the car is truly totaled (means it's so broke it ain't worth fixin), below is our guide to car shopping, including tips and tricks for financing. Believe it or not, it's harder to get a loan for a used car than a new one right now, but that DOES NOT MEAN you should buy a new car.
If you can buy a car without financing... do it. But as personal finance IS personal, you might need something newer and more reliable than the $800 Jeep my friend just bought off Facebook Marketplace. Anyway, we believe in you. Good luck and here's the rest of our advice:
Buying a Car with the Bitches, Part 1: How to Choose Your Car
Buying a Car with the Bitches, Part 2: How to Pay for Your Car
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