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What is a good car payment that the average person can afford?
What can I expect for an average monthly car payment? I need to buy a car and am just now going over my financing options. I have a decent job making about $3k per month and decent credit so I’m not worried about qualifying for a car loan but I am worried the payments will be too high.
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Your payments are going to depend on:
What you should aim for is monthly payments that do not exceed 15% of your income.
For example, in your case you should look for a car that is somewhere in the ballpark of $20k or less. With a 6% interest rate and downpayment of around 20% your payments would be just over $300 per month for
60 months
.”View full answer
- Gregory R.
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