How Much Car Can I Afford?
Savings Corner
DECEMBER 25, 2023
Edmunds recommends that a new car payment be no more than 15 percent of your monthly take-home pay. A used car payment should be no more than 10 percent, but that number varies by expert. This measure compares your monthly bills to your gross monthly income. Lenders will look at your debt-to-income ratio, or DTI.
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