I'm talking about JUST the car. Not the gas, insurance, licensing, maintence, etc. I still live with my parents so I don't have to worry about paying rent or any other expenses. I'd probably have a 10% interest rate because I am younger my bank said. I would want a 4 year loan probably or the longest I can get a used car loan for. Is there a formula or an online calculator to help figure this out for myself? Thanks!
2006-10-31 16:47:06 · 6 answers · asked by XxKimmyxX 2 in Cars & Transportation ➔ Buying & Selling
Probably double that :(
2006-11-08 12:07:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You're missing a few major points here.
For starters, you should never spend more than 60% of your income on combined housing, transportation and food. If you have 20% of your income going to transportation (car payment plus all other expenses) you're in a danger zone -- unless of course you're living rent-free at home.
Here are some other percentages:
* Personal debt (credit cards, personal loans), 14 percent, with a range of 10-20 percent
* Housing, 27 percent. Range: 20-35 percent
* Food, 21 percent. Range: 15-30 percent
* Transportation (including car loan, insurance, gas, etc.), 8 percent. Range: 6-20 percent.
* Utilities, 6 percent. Range: 4-7 percent
* Clothing, 4 percent. Range: 3-10 percent
* Miscellaneous (travel, child care, entertainment, gifts), 1 percent. Range: 1-4 percent
* Savings, 7 percent. Range: 5-9 percent
* Insurance (health, life, disability), 6 percent. Range: 4-6 percent
* Personal care, 3 percent. Range: 2-4 percent
* Health (prescriptions, eye care, dental), 3 percent. Range: 2-8 percent
2006-10-31 17:46:08 · answer #2 · answered by geek49203 6 · 0⤊ 0⤋
Here's the address of an on-line calculator...
Goto www.kbb.com That's the Kelly Blue Book guys that give pricing guidelines that are used by dealers nation-wide.
Scroll to the bottom of the main page and look for "Financing and Insurance"; in this column is a link for "Payment Calculator". Click here.
If your pop-up-blocker will allow, a sponsored-link window will open... just fill in the blanks.
P.S. Use the calculator for free, but don't put in any personal info online... just enter the numbers... (give your info to your bank)
15,000 @ 7.59% for 48 mos. = 363.31/month
The Kelly site is good for looking for nearby dealers in your area. Another is www.edmunds.com
Hope this helps ;)
Good Luck!
2006-10-31 17:09:06 · answer #3 · answered by Revenant Hamster 4 · 0⤊ 0⤋
A lot of that depends on your credit rating. And if you still live with your parents you may not have much credit experience. Will they co sign on a loan for you? Do you have a good job? Is it secure? They will want a minimum of 1,500 cash at closing and spotless credit before they will talk loan-I can just about guaranty that.
2006-10-31 17:01:46 · answer #4 · answered by CatLady 2 · 0⤊ 0⤋
It depends on both your credit level and how long you've been at your current job. Both are important factors. I't would help if your parents co-signed on the deal. but if you still live with your parent I'd assume you really should start with a cheaper car. The insurance would be lower and you should really work your way up after many years accident free.
2006-10-31 16:57:33 · answer #5 · answered by Hans 3 · 0⤊ 0⤋
you can get a Kia Rio for $9,000. New with a 100,000 mile warranty.
On the $15k your payments would be around $380 per month. thats with the 10% interest rate and not counting sales tax.
2006-10-31 16:55:10 · answer #6 · answered by Anonymous · 0⤊ 0⤋