Currently I drive a 2025 Bronco sport big bend. I had very little say in the purchasing of this vehicle as I didn’t have a credit score at the time (the car is in my mom and stepdads name). I knew very little about finance stuff, and even less about car buying, so I more or less didn’t get a good deal.
The loan is financed for $33,827.93 at 11.38% for 84 months. $588.86 mo payments
I currently have $30,327.12 left on the loan.
I make about $37,000 with just primary job.
While I can afford this car right now, my fiancé and I want to rent a place together. For context we are 22 yo living with each others parents. Her income could easily pay for any rent we have in our relatively cheap city, but this car and it payments are making me worry about the future.
I hate the interest rate, and I hate the length of the loan, but my parents tell me that it’s okay and I can easily afford it so why not. I feel like I’m just throwing away money at a last second purchase with zero research done.
For extra context I wanted too (and still want too) buy a full sized Bronco, so I had ask to check out they stock. The dealer walked me over to the sports and talked us into buying it with words of “it’s more affordable” and “you can leave the lot with a car I’ve always wanted”
Anyways, should I just try and trade in the car for something used and cheap and save up for a hefty down payment on something I want on my own credit. Or am I just dumb. Thank you