How Much Car Can I Afford Calculator

Calculate the price you can afford and the loan amount you must take for a car based on the monthly car payment you want to make.

How much car can i afford calculator. Bankrate conducted a study earlier in 2016 across 50 cities in the us to see how the affordable it is to buy a new car and concluded that average american households can no longer afford the price of a new car purchase. Also considers down payments taxes and trade ins to create a loan amortization schedule and payment tables for loans. This tool will help you figure out the total cost of your new vehicle before you go gazing at the glittering new cars at the dealership. There s no perfect formula for how much you can afford but our short answer is that your new car payment should be no more than 15 of your monthly take home pay.

The above car affordability calculator uses a conservative but solid assumption about how much car you can afford. Car affordability calculator use our free online car affordability calculator in order to calculate how much you can spend on a car. Also the calculator uses interest rates trade ins sales taxes down payments and loan terms to create a loan amortization schedule. Whether you re paying cash or financing the purchase price of your car should be no more than 35 percent of your annual income.

Our auto affordability calculator takes more than the monthly payment into account. Instead of getting to the dealership only to find out that you can t afford the payments on the kind of car loan you need for your dream ride use our car affordability calculator to help you find the car loan payment that fits with your monthly budget.