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Determines maximum car price based on income and debt levels following lending guidelines. Ensures car purchase doesn't overburden finances.
Formel
Monthly income × 0.15-0.20 = max monthly car expense
Steg-för-steg-guide
- 1Monthly income × 0.15-0.20 = max monthly car expense
- 2Account for insurance, gas, maintenance
- 3Calculate affordable loan amount
- 4Match to vehicle price and down payment
Lösta exempel
Ingång
$60k income
Resultat
$18-24k budget
Vanliga misstag att undvika
- ✕Using net income instead of gross income
- ✕Not including all car costs (insurance, maintenance, gas, registration)
Vanliga frågor
What's the 20/4/10 rule?
20% down, 4-year loan max, car payment + insurance should be <10% gross income.
What if I exceed affordability guidelines?
Higher risk of default, financial stress, and inability to handle emergencies.
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