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How much car can you afford? Learn how to determine what your budget should be for your next new or used car based on your income and overall cost of the car, including auto loan or lease payment, insurance, maintenance and gas.
Financial Reality Check is a Must Before Car Shopping
Before you fill out an auto loan application and buy a car, you need to cross two major financial bridges first. Preparing your finances before you purchase a vehicle will help you save money on the car and its loan or lease. “First, check your credit score and see where it is and work on getting it up if need be,” says Jean Chatzky, To[…] Read More.
Once you have determined what you can spend each month to own that new car and you’ve determined your credit rating, you can begin figuring out which vehicles fit your budget. At AutoLoanDaily you can search by make and model or price. This will bring up photos, specifications, options and other details of all models available in the United States. We won’t spend much time here on […] Read More.
Total Cost of Ownership
When budgeting for a new or used car, don’t forget to estimate total ownership costs. Remember that your monthly expenses will increase not only by the amount of your monthly loan payment, but also by the cost of insuring, fueling and maintaining the vehicle, as well as any local and state property taxes. Driving, maintaining and insuring a Hummer is going to be much more expensive […] Read More.
Budgeting For a Car Loan
Aside from buying a home, a car is the biggest purchase most people make and it’s getting bigger as the cost of vehicles rise. This means that the first step to take when shopping for a new car is not deciding what kind of car you want, but how much you afford. This requires putting together a budget to determine what you are already spending and how much money you can dedicate to pur[…] Read More.
|STEP 2: How much car can I afford?