Purchasing a car can be very stressful and when it comes down to budgeting for a car, you may start to get confused on how much you should actually spend. Like anything you buy in your life that requires a monthly payment, you want to make sure you can afford it and youre not living beyond your means. Whether its a car, home, loan, etc, you have to be responsible.
Like any budget, youre going to want to write down every single expense you have each month. With a car, most experts say that you shouldnt spend more than 20% of your monthly income on your car payments. This includes your cap payment and insurance. A lot of websites online will allow you to get estimates and loan quotes.
When it comes to your budget, you have to remember that 20% may seems like a lot, which it is and you can get a lot of car for a few hundred dollars. Now, if youre going to purchase this car with cash, you obviously wont have to worry about the 20% unless you have zero dollars in your bank account.
Interest rates are important when planning out your budget. Depending on your credit history and the time of the year, you may find yourself in a bind and noticing that youre going to...
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