Salamalakum,
At present, I’m driving an old, unreliable, and unsafe vehicle. The headlights are dim to the point of being nearly useless at night, and the brakes are faulty this car is from 2003. Since receiving this car in February of this year, I’ve already been involved in two accidents—both of which could have likely been avoided if the vehicle had been in better condition. I rely on this car to get to work daily, and continuing to drive it feels unsafe, not just for myself but also for others on the road and those in my car.
Given this situation, I’ve decided that I can no longer risk buying another cheap, low-quality car and instead looking for something with good safety features and in good condition. I went to a dealership to explore my options, and one of the proposed solutions was to finance a more reliable vehicle.
Here’s the offer I’m considering:
The car is priced at $33,000.
I would put down $12,000 upfront.
My monthly payments would be around $600, with approximately $100 of that being interest.
Over the course of two years, I would pay around $26,000 total.
The dealership estimates that after two years, I could sell the car back for around $29,000.
In this scenario, I would either break even or potentially make a small profit, meaning I would have had a reliable, safe car for two years at very little to no cost at all depending on when I choose to sell it. I also intend to use this time to save for a car I can purchase in full without financing in the future.
I’m aware of the Islamic ruling regarding interest (riba), and I’m trying to avoid it unless there is a genuine hardship. However, I’m unsure if this situation qualifies as a necessity (darura) that would permit such an arrangement temporarily.
I would greatly appreciate any guidance on whether this approach would be Islamically permissible under these circumstances.
Jazakum Allahu Khayran