How much car payment can i afford calculator

how much car payment can i afford calculator

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Comments to «How much car can i afford loan calculator»

11.02.2015 at 10:46:29 Car is returned in the same condition as when vehicle that is priced above their mid-size sedan for $24,500.

  • Lelli writes:

    11.02.2015 at 10:15:59 They buy outright, leasing may generate repeat customers more quickly so you can easily find.

  • ARXANGEL writes:


    how much car payment can i afford calculator

    This calculator is designed to give you some idea about how much you could afford to spend on a new car.

    The first step is to enter the details of how much you could afford each month in payments, and the proposed car loan variables in the fields to the left:

    • Max Payment/mo - The maximum you could afford to pay every month on your loan
    • Down Payment - The amount of money that you will be putting down yourself on the car
    • Trade In - If you will be trading in your current car, put it's expected value here
    • Owed on Trade - If you will be trading in and owe money on that vehicle, enter the amount here
    • Interest Rate - The interest rate that you will pay on the loan
    • Sales tax - The amount of sales tax levied in your area
    • Term (Months) - The number of months that your loan will run over, typical terms for a car loan are 36, 48 or 60 months

    Once you enter your details click "Calculate" and the calculator will provide your results.

    This table provides four pieces of information:

    • Spending Limit - This is how much you could afford to spend on a car, the amount includes your down payment and trade in
    • Loan Amount - The amount that could be borrowed given your maximum repayments, interest rate and loan term
    • Down Payment - The amount of money you will add to the loan amount
    • Trade In Value - The amount that you will get for trading in your current vehicle which is added to the spending limit

    While this calculator can give you a good idea about how much you could potentially spend on a car, it is not professional advise and should not be relied upon to make your final purchasing decision. Always consider your personal financial position before borrowing money or making large purchasing decisions.


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    Experts suggest that you should not allocate more than 20% of your take-home pay towards monthly auto payments. The down payment, interest rate, and term of your loan will also determine how much you can afford to buy. Use this calculator to help determine how much you might be able to spend on an automobile.

    This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.

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