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How much car can I afford? How to calculate car affordability Part Of Buying a Car In this series buying a Car







Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow you to conduct research and evaluate information for no cost and help you make sound financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that pay us. This compensation can affect the way and where products appear on this website, for example the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other home loan products. But this compensation does have no impact on the information we provide, or the reviews you read on this site. We do not include the universe of companies or financial deals that may be accessible to you.



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4 minutes read. Published November 14, 2022
Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase an automobile.







Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He believes in clear reporting that helps readers confidently find deals and make the best decisions for their financials. He is an expert in small business and auto loans.









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The amount of car you can afford depends on factors like your monthly income, credit score, and the specifications you'd like your car to come with. Experts generally recommend not spending less than 20% of your take-home earnings on a vehicle. This includes the cost of fuel, insurance and more. Determining affordability requires balancing your vehicle needs and budget. How to determine how much car you are able to afford? To set the budget for your car begin by determining what you can comfortably pay each month. Be sure to factor in costs like maintenance, gas and insurance in addition to loan or lease payment. 1. Choose between buying and leasing The type of car you choose to purchase will make an impact on the amount you're able to pay for. Leasing is an alternative for those who need an affordable monthly installment and the ability to drive the newest model vehicles. The monthly payments are for the vehicle's depreciation instead of its value in total. But, you'll still have to make a deposit -- and you'll be paying for the maintenance of a car that which you will never actually own. Purchases put you in the driver's seat , with no limits on mileage or costs for wear and tear. It costs more to buy the car than lease it, and it is important to ensure depreciation won't leave you . However, you'll have the car for a long time and will be able to sell it if needed. Calculate your savings potential. What is affordable comes down to how you plan to utilize your vehicle So, make sure you know the full benefits and drawbacks of each before you commit. 2. Consider your salary Your salary is the main factor in deciding which car loan is best for you. That a car loan be no more than fifteen percent of monthly take-home pay. A used car's cost must not exceed 10 percent, but this number can vary according to the expert. When insurance, fuel and other expenses that are regular to your monthly budget are included, their total cost shouldn't exceed 20% of the take-home pay. Your income also matters if you're seeking to be accepted for a loan. Lenders will take a look at your debt-to-income ratio, or . This ratio compares your monthly bills to your income per month. Most car dealers like to have a DTI that is not higher than 45 percent or 50 percent before they approve a loan, according to . If you do have the cash available to pay for your vehicle outright, you should still consider your purchase in the full picture of your annual income and other expenses. Particularly, consider the possibility of buying with cash possibly eating into or wiping out your -- versus making affordable payments over time. The option of financing your car might not be the best choice, especially in the event that you plan to spend more than the recommended amount of your income each month to pay for the loan. For some buyers, financing a car could be part of their overall financial plan. 3. Consider additional costs for your vehicle. The two most significant extra costs associated from owning a car are the cost of fuel and insurance costs. You can use to find mileage estimates for your car that you prefer. Selecting a vehicle with high gas mileage can help you save money every month and could help you maximize the amount of mileage reimbursement from your employer. Insurance prices also differ by vehicle and individual. Two cars that appear like yours may be completely different from your insurance company. A is a great way to start understanding your potential insurance expenses and what aspects the insurance company will take into consideration when developing a price quote. The most common criteria companies look at is the following: Your driving history. How often you use your car. Your location. Your age. Your gender. Your credit. The type and amount of coverage you chose. The discounts you qualify for. Depending on the state you reside in, there could be limitations on the type of discounts you can get when you are pricing your insurance. Are you able to afford the car you want? Once you've got an idea of the budget you have, it's time to determine if the car you've always wanted is within reach -- and whether you'll require financing. These steps will help you determine the financial viability of a particular vehicle or loan. 1. Be aware of the amount you'll pay The payments on your vehicle loan will include more than the cost of the vehicle alone. Be aware that you are paying the " " (OTD) cost that will take into account not just the price of your vehicle but also fees, taxes and any add-ons you purchase. If you do your research, you'll know what to expect when it comes to state sales taxes and title and vehicle registration fees. Some must be paid by the law or company policy, or removal. Understanding what is and isn't available for discussion could make a difference in time and stress when negotiating. With an affordable OTD cost in your mind, you'll be able to aim for a certain sticker price when you are looking for a car. Know that your OTD cost could add up to 10-15 percent to the price of your vehicle according to the location you live in. 2. Find an initial estimate using the car loan calculator. The interest rate that you are charged on a loan important factor when calculating your monthly payment amount. A better credit score can earn you a lower interest rate and, in turn, reduce your monthly payments as well as your overall loan cost. It is possible to use a credit score to determine how different interest rates affect your monthly payments. This is how: Get a copy of your credit report, and discover the information about your . Get prequalified with a few lenders to figure out the average interest rate you may receive. Plug in your rate of interest, desired repayment term length and car cost into the calculation. This is the second aspect to take into consideration. A shorter loan term will mean higher payments but less interest paid overall. Thus, although a longer loan term can be tempting however, it's best to choose an affordable vehicle so that payments are affordable. Bankrate's insights
Utilize an auto loan calculator to get an idea of the monthly payment you will be prior to filling out an car loan application.


3. Utilize a tool for cost-to-own. In addition to the monthly payment You should think about whether you can afford to maintain the vehicle. Take a look and utilize a cost-to own tool to see estimates of what you could be paying. Edmunds and Kelley Blue Book have cost-to-own tools that account for expected fuel costs and maintenance repairs, state charges and the average depreciation. The main thing to remember is that being flexible with your budget can ensure that you don't spend your money once you have brought your new vehicle home. Before you decide on a car think about all the possible costs in addition to the monthly cost. Aim to find a car that costs no more than 20 percent of your monthly earnings. The objective is to find a car that is able to meet your needs and provides you with enough cash to cover unexpected costs or income fluctuations.


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ways and pitfalls of taking out loans to buy an automobile.



Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in the clarity of his reporting, which helps readers successfully get deals and make best choices for their finances. He specializes in small business and auto loans.











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