Car Loan Calculator

How Do I Know If I Can Afford A New Car? Beginning the car-buying process can put a person on quite an emotional ride, but mostly we have found that Golden Mile Chrysler customers are excited to bring a new car, SUV or minivan home with them. Because buying a new car is such a significant life event, people are rightly concerned if they can afford it. Intelligent buyers get a wide-angle view of their entire financial situation before they visit the Golden Mile Chrysler. Our team has developed this easy-to-use and free car loan calculator available to everyone. Let a Golden Mile Chrysler finance expert walk you through a few things you might want to know.

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Understand Your Financial Health

There are almost no Golden Mile Chrysler who only has to worry about a car payment as their only financial obligation. Most people buying a car will need to also pay for rent, insurance, groceries, and much more. Plus, people should do their best to put a little money away for emergency savings each month. The car loan calculator from Golden Mile Chrysler will let buyers know how much financing a specific vehicle may cost them. It will be up to each individual to understand how that number fits into their financial picture.

How Much Should A New Car Cost Me?

Putting together a monthly budget can be difficult for people, and it’s not uncommon at all for people to need a little more expert guidance. Golden Mile Chrysler financing experts suggest that a car payment should account for no more than 15 percent of a buyer’s monthly net income. Net income is the amount of money left over after other essentials (rent/mortgage, food, utilities, etc.) are subtracted from what a person takes home each month.

Additionally, it will be necessary for buyers to include vehicle maintenance costs into the 15 percent figure. Some of the other expenses people will need to consider when buying a new car will include:

  • Fuel
  • Insurance
  • Registration fees
  • Parking

Is Buying A Used Car A Better Deal?

Buying a pre-owned vehicle is an excellent way for some buyers to split the difference between getting a safe, reliable car while also keeping financing costs down as much as possible. The chief reason buying a used vehicle can be a viable option for many buyers is depreciation. Asset depreciation is an unavoidable part of buying a vehicle in general. New cars lose a significant portion of their value almost immediately. Pre-owned vehicles will also depreciate, just at a much slower pace – assuming it is well-maintained and other factors. By having a slower rate of depreciation, a used car can be less expensive to finance and allow people to afford a vehicle with more features.

Make an appointment with a Golden Mile Chrysler representative today if you have any questions about buying or leasing a vehicle.

Loan Calculator

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Loan Calculator

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