Article: New Car Loans ? How Much Can You Afford To Borrow?
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New Car Loans ? How Much Can You Afford To Borrow?
Before you start car shopping, first figure out what you can afford for a car payment. Look at your budget, research auto loans, and investigate lenders. Once armed with this information, you can choose a car that you can both enjoy and afford.
Expense Of A Car
According to the FCIC, a car payment should be less than 20% of your after living expenses budget. While this is a good number to start with, you will want to look at your own budget numbers. Be sure to include other miscellaneous car costs, including fuel, insurance, and licensing fees.
You will also want to plan on a down payment and enough cash for the initial license, registration, and sales tax.
Terms Of Auto Loans
Auto loans vary with their terms rather...
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