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2. Calculate your down payment. Before you head to the lot to buy a car, take the time to calculate your down payment. This amount will depend on your unique financial situation and the kind of ...
For the figures above, the loan payment formula would look like: 0.06 divided by 12 = 0.005. 0.005 x $20,000 = $100. In this example, you’d pay $100 in interest in the first month. As you ...
If possible, try to keep your car payment to a maximum of 10% to 15% of your monthly take-home pay. The U.S. Census Bureau found that the real median household income after taxes is around $64,240 ...
3. Do Your Research. Armed with your credit score, it’s time to figure out what kind of car you realistically can afford. Go back to the 20/4/10 rule. If you bring home $4,200 a month after ...
“When calculating a realistic car payment, consider not only the monthly payment but also insurance, maintenance, fuel and unexpected repair costs. For instance, the average cost of car ...
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