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Figure out your Budget!
How amount should you apply for?
Now that you know what the price of your next vehicle has to be, you can go to the next step or read one of our other steps in Chapter 2.
Chapter 2 Steps
| Credit Reports |
| Auto Loans |
Dealerships
Find Dealers in your City
| Warranties |
| Gap Insurance |
| Auto Insurance |
In order to find out how much you can spend on your next car you have to figure out how much your insurance will cost including Auto, Warranty, Gap etc. You can find out all of these cost in this guide.
Ask yourself how much can you spend on a monthly payment?
Lenders usually figure about 15% of your monthly income to be a comfortable payment. So if you make 2,000 Gross a month than it would be safe to assume that your max payment will about $300.
Say you get approved for $20,000 out the door, how much vehicle should you look for? Here's a good way to find out.
$18,000 Approval
- $1,500 Warranty
- $ 400 Gap Insurance
= $16,100 Sub-total
- $ 1,288 Taxes (10%)
- $322 Licensing (2%)
= $ 14,490 Estimated Price |
1. How to Budget
Make sure that you don't spend more than you should. |
2. Choose Vehicle
Car, Truck, SUV or Van? 2-door, large, third row? |
3. Trade In?
Should you trade or sell your vehicle outright? |
4. Car Shopping
Find out where you can get the best prices online. |
CHAPTER 2
