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How much car can I afford? How can I determine the affordability of my car? Part Of Buying a Car In this series Buying a Car







Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content. We also allow you to conduct research and evaluate information for no cost and help you make informed financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that compensate us. This compensation can affect the way and when products are featured on this website, for example, for example, the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage or home equity products, as well as other home lending products. This compensation, however, does not influence the information we provide, or the reviews you read on this site. We do not cover the vast array of companies or financial deals that may be accessible to you.



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4 min read Published November 14, 2022
Authored by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls of using loans to buy the car they want.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He values clear reporting that helps readers successfully get deals and make best decisions for their financials. He is a specialist in small and auto loans.









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What kind of car you are able to afford depends on factors like your income per month, your credit score and the specifications you'd like your car to come with. Experts generally recommend not spending more than 20 percent of take-home income on a car. That should include the cost of fuel, insurance and more. In order to determine your affordability, you need to balance your needs for your vehicle and your budget. How can you figure out how much car you are able to afford? to set an amount for your car's budget begin by determining the amount you are able to afford every month. Be sure to factor in the costs of maintenance, gas and insurance, in addition to loan or lease payment. 1. Choose between buying and leasing Whether you're makes an impact on what you are able to afford. Leasing is a great option for drivers looking for a lower monthly payment as well as the opportunity to enjoy the latest models of vehicles. The monthly payments are for the vehicle's depreciation rather than its total value. But, you'll still have to make a deposit -and you'll have to pay to maintain a vehicle you ultimately will not own. Buying places you fully in control of the vehicle with no mileage limits or additional fees for wear and wear and tear. It costs more to buy an automobile than rent it out, but it is important to make sure that depreciation doesn't affect you . But you'll own the car and will be able to sell it in the event of need. Use a to calculate the savings you could make. What is affordable comes down to how you plan to utilize your vehicle and so you should research the benefits and drawbacks of each one before you decide to purchase. 2. Take into consideration your salary is the main factor in determining which auto loan is best for you. that a new car payment be no more than fifteen percent of monthly pay. A used car's payment should be no more than 10 percent, however this number can vary according to the expert. If fuel, insurance and other monthly expenses are included, their total cost shouldn't exceed 20% of monthly take-home pay. Your income also matters if you are trying to get accepted for a loan. Lenders will look at your debt-to income ratio, or . This ratio compares your monthly expenses to your gross monthly income. The majority of car dealers prefer to see a DTI not exceeding 45 or 50 percent prior to they approve an loan, according to . If you do have the cash to purchase your vehicle outright but you need to consider your purchase within the picture of your annual income and expenses. Particularly, consider the possibility of buying with cash possibly eating into or destroying your savingsinstead of making reasonable payments over time. Financing your vehicle might not be the best option, especially in the event that you plan to spend more than the recommended percentage of your income each month toward the loan. For certain customers, financing a car can be considered an element of their overall financial plan. 3. Factor in additional vehicle costs Two of the largest additional costs that come from owning a car are the cost of fuel and insurance costs. It is possible to find mileage estimates for the car that you prefer. Selecting a car with excellent gas mileage will save you money each month and can help you get the most from any employer mileage reimbursements. The cost of insurance varies depending on the type of vehicle and. Two vehicles that appear like yours may differ from the one you have with your insurance company. It is a good place to start understanding your potential insurance costs and what factors insurance companies will consider when developing a price quote. Typically, companies will evaluate the following: Your driving history. How much you use your car. Your location. Your age. Your gender. Your credit. The kind and amount of coverage you choose. Discounts you can get. Based on the state you live in, there may be limitations on the type of discounts you can get when the cost of your auto insurance. Are you able to afford the car you're looking for? Once you've got an idea of the budget you have, you can determine if the car you've been eyeing is within reach -- and whether you'll need financing. Following these steps can help determine the financial viability of a particular car or loan. 1. Know how much you'll really be paying for your car loan are more than the price of the vehicle alone. Be aware that you are paying your " " (OTD) cost that will take into account not only the cost of your car, but also the cost of taxes, fees and any additional items you purchase. If you do your research, you'll know what to expect when it comes to the form of state sales taxes, title and vehicle registration fees. Certain fees are required by law, the company policy, others are optional or removed. Understanding what is and isn't available for discussion could save time and frustration when negotiating. With an affordable OTD cost in your mind, you'll be able to aim at a specific sticker price when you are searching for a vehicle. Be aware that the OTD cost could add up to 10-15% to your car's price, depending on your locale. 2. Get an initial figure by using a car loan calculator. The interest rate you pay for a loan important factor when calculating your monthly payment amount. A better credit score can earn you lower interest rates and, in turn, lower your monthly payment and the total loan cost. You can use a to find out how the different interest rates affect your monthly payment. Here is how: Pull an image of your credit report and discover the information about your . You can get prequalified with several lenders to determine the average interest rate you may receive. Enter your interest rate, the desired repayment term length and car cost into the calculation. This is the second thing you should consider. A shorter loan period means higher monthly payments but less interest paid all-in. Thus, although a longer loan term can be tempting however, it's best to select an affordable vehicle to keep payments reasonable. Bankrate's insights
Use the car loan calculator to figure out the monthly payment you will be prior to filling out a full automobile loan application.


3. Utilize a tool for cost-to-own. In addition to the monthly installment, you should consider if you can afford to maintain the vehicle. Find a few and then use a cost-to-own tool to estimate the amount you could be paying. Edmunds along with Kelley Blue Book have cost-to-own tools that calculate the expected cost of fuel, maintenance repairs, state charges and average depreciation. It is important to be flexible with your budget can ensure that you don't spend your money when you bring your new car home. Before you decide on a car think about all the possible costs and not just the monthly installment. Aim to find a car that will cost no more than 20 percent of your take-home salary. It is important to find a vehicle that meets your expectations and gives you enough money to cover unforeseen costs or income changes.


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the ins and outs of securely taking out loans to buy an automobile.



Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He is a fan of clear reporting that helps readers easily land deals and make the most appropriate choices regarding their finances. He is a specialist in auto and small business loans.











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