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How Do I Calculate My Monthly Car Payment?

What factors determine my payment?

There are several factors that determine your monthly payment when financing a new car. These include the price of the car, how much cash you’re putting down, term of the loan, and the APR (estimated financing rate) of the loan. Your finance rate will depend on your past credit history, the type of car you’re buying, your down payment, and overall market conditions.

How much should my payment be?

Most financial institutions recommend that your car payment should be no more than 15% of your gross monthly income. That means that if you make $2,500 a month you should spend a maximum of $375 on your car payment each month.

You can check out our Monthly Payment Calculator below to figure out your own personal monthly payment. Once you find a payment that works for you, feel free to visit out our new and used inventories to find all the cars, trucks, minivans and SUVs that fit your budget.



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