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. Lenders will look at your debt-to-income ratio, or DTI. Aim to find a car that costs no more than 20 percent of your take-home pay.
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