How Much Car Can I Afford?
Enter your monthly budget to see the maximum vehicle price you can afford.
How Much Car Can I Afford?
Find out your maximum vehicle price based on your monthly budget
Tips to Increase Your Budget
- +Increase down payment - More cash down means a smaller loan and lower payments
- +Extend term length - Longer terms reduce monthly payments (but increase total interest)
- +Improve credit score - Better credit means lower interest rates and bigger buying power
Disclaimer: This calculator provides estimates only. Actual approval amounts depend on your credit profile, income verification, and lender requirements. Contact us for a personalized assessment of what you can afford.
How Much Should You Spend on a Car?
Financial experts generally recommend that your total car expenses (payment + insurance + fuel + maintenance) shouldn't exceed 15-20% of your monthly take-home pay.
The 20/4/10 Rule
A popular guideline for car buying:
- 20% - Put at least 20% down
- 4 - Finance for no more than 4 years (48 months)
- 10% - Total monthly car costs should be under 10% of gross income
While this is a conservative approach, it helps ensure you don't become "car poor." If you have credit challenges, focusing on affordability is especially important for building a solid payment history.
Consider Total Cost of Ownership
Remember that your monthly payment isn't the only cost. Factor in:
- Insurance (varies significantly by vehicle type and your driving history)
- Fuel costs (consider fuel efficiency for your daily commute)
- Maintenance and repairs (newer vehicles typically need less)
- Registration and licensing fees
Already Know the Vehicle You Want?
If you have a specific vehicle price in mind, use our payment calculator to see your estimated monthly cost.
Try the Payment CalculatorFind Out What You Actually Qualify For
Get a real pre-approval amount based on your specific situation. No credit check to start.