How much of my income should I spend on a car?

Nov 17, 2020

Financing a car purchase is always a hassle. This challenge can come with many questions. One of the most important is “how much of my income should I spend on a car?” There are several things to keep in mind when budgeting your car purchase.

Used Car Purchase Budgeting

A good rule of thumb to use when planning the purchasing of a vehicle is to budget approximately 20{e443ec709150c73baf180d3d8e0a41d703fa022f47b2bb5516b57735b7c7f19e} of your income towards a car. This percentage can vary based on the amount of your down-payment, and the length of the loan.

Is important to take detailed stock of your finances before determining whether it is practical to purchase a newer vehicle.

Car Purchase Financing at OkCarz

OkCarz can help just about any driver finance their next purchase. Our buy here, pay here model allows us to cut out the middle man. We offer financing through our Mid-Florida Financing Bank. OkCarz is an excellent place to begin the process of re-building your credit.

At OkCarz, car shoppers will be able to find a wide variety of pre-owned vehicles from many different makes and manufacturers. We will be able to find the ideal vehicle that fits your needs as a driver.

OkCarz offers multiple locations spread throughout Florida, and in North Carolina. Get in touch with our team right away to begin the process of getting behind the wheel of an excellent pre-owned vehicle at a rate you can afford. View our selection, or apply for financing, online.