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Develop
your Budget and stick to it!
You can now start to realize your actual budget and look only at vehicles that are in your budget. Newlyweds think
ahead, you may be financing for 3-4 years, so a 2 door coupe may not be practical. If the type of new vehicle you need is out of your budget, then you should consider a good used vehicle.
First of all, you need to have a monthly budget. Add up all of your fixed monthly expenses, such as your
rent/mortgage, phone bill, etc. Subtract that from your net income.
Then subtract your estimated extraneous expenses, such as food, gas,
entertainment, etc. The result should be an amount of money you
have to work with.
Shoppers with bad credit should expect to pay a higher interest rate
than good credit shoppers. Buying a car is a great way to rebuild
your credit. If you need credit help, don't worry. Many lenders offer bad credit auto loans . Do not be bullied into buying from a buy
here pay here dealer because many lenders now offer
it, and you need to shop around for the best interest rates and quality used vehicles.
If you don't know your credit history when you go to
buy a car, don't be surprised if your interest rate is higher than it should be.Click
here and run your credit report before you go to the Dealer
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Know your Payment
limitations and Price Range before you hit the streets.
Don't let a salesperson tell you what you can afford. Click here for our easy to use Monthly Payment Calculator. Know ahead of time
what the loan rates are and remember, your credit rating will effect the loan rate. |
Example of a simple loan computation:
Loan amount $20,000
Interest rate 8%
Length of loan 48
months
Payment would be $488.25
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To compare interest rates on car loans with different banks in your
area click
here Do not assume your bank or the dealer is giving you the best interest
rate available.
* The table above is
just a guideline to help you get an idea of your price range. When your car loan is approved, the lender will set
the interest rate based on your credit history and other factors including how much you can afford to pay each
month.
You should check all of your credit cards and pay them down or off
before going for financing. Just because you think you can afford the payment, doesn't guarantee the lender will
agree.
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Car Loan Amount*
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Monthly Payment Range*
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$10,000
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$240-275
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$13,000
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$310-350
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$15,000
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$360-410
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$20,000
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$480-550
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Remember to factor in your
insurance payment, because rates will vary depending on the
type of vehicle you are buying. Use one of the discount brokers online and tell them the types
of vehicles, and get direct quotes. This will allow you to factor it into the overall monthly payment.
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and we will prosecute you.
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Monthly Payment Calculator
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