What will my Payment be?

 This is going to be a two-part article First how to figure out your payment, and second how to figure out how much you can afford.

What's the monthly payment?

The easiest way to roughly guess your payment is $200 per $10,000 financed. EG if you finance $20,000 depending on the interest rate and the length of the loan you choose your payment will be roughly $400 per month.

Here is a calculator to help you get a better idea https://www.ashlandchrysler.net/calculator/payment.htm

What's the interest rate I hear you say? Well, this is a very in-depth question, one I won't be able to thoroughly answer in this post; things like your credit history, loan term, and vehicle selection all play a part, but the main factor is the lender. Individual lenders will determine your exact rate.

Here is a helpful guide to figuring out interest rates https://www.bankrate.com/loans/auto-loans/rates/

Part Two, How Much can I afford?

This will be a big deciding factor in what vehicles you should look at, why waste your time looking at vehicles you know you cannot afford? It is also solely determined by you; you will need to consider how much you have coming in consistently each month, and how much you need for your other expenses such as food, housing, etc. You should also consider insurance & extended service contracts or warranty.

Let start with your personal budget here is a tool that will help you figure out all the details https://mint.intuit.com/

Insurance - There are hundreds of companies that will sell you insurance and if you haven't shopped your insurance recently you could be missing out on a better deal. Here is a service I have used that allows you to get quotes from multiple insurance companies at once (you will get a lot of spam from these companies trying to sell you insurance so you might want to use an email you're not worried about getting spam in) https://quotewizard.com/auto-insurance

Once you know how much you have coming and going into your account you can determine how much you can comfortably spend each month on your vehicle, keep in mind you don't want to max out your available funds as this will most likely be a multi-year commitment and if you put yourself at the max right away it could be harder for you if an emergency comes up or your living expenses change.

If you would like help purchasing your next vehicle and would like a consultant who looking out for you; here is my contact page I'm happy to help.  https://justinreto.com/contact-me