Also, make sure you get all your loan applications done within a couple of weeks so there is only one big impact on your credit score. Note that if you're shopping for a used car, the lender may expect you to know what vehicle you plan on buying. Dealerships tend to have better rates, but that's not always the case, so it's worth getting preapproved by other lenders before visiting the dealership to give yourself a basis for comparison. When it comes time to apply for a loan, you have a few options: your bank or credit union, the dealership or a third-party lender. Together these two costs should be no more than 7% of your monthly take-home pay. Fuel economy figures can be found at the EPA's website. Insurance costs vary widely depending on driver age, driving record, vehicle type, insurance provider and extent of coverage, so make sure you get quotes from multiple providers based on all those specifics. You'll also need to factor in the cost of insurance and fuel. Not sure what that translates to in a car price? Take a look at our affordability calculator for more information. What's the most you should spend on your monthly car payment? Schools of thought differ on this question, but the Edmunds view is that your car payment should be no more than 10% of your monthly take-home pay if you're buying used, or 15% if you're buying new. The first part of buying a car is knowing your limits.
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