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Car Affordability Calculator
How much car you can afford comes down to how much you can borrow, which comes down to how much you can afford to repay each month. Use this calculator to estimate the maximum car price you can afford using your down payment, trade-in value, desired monthly payment, and the interest rate you are able to get, and loan term.
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CALCULATORRESULTSQ&A
Monthly Payment
Loan Term (Months)
60
- 12
- 24
- 36
- 48
- 60
- 72
- 84
Interest Rate (APR)
Zip Code
Want to Roll Sales Taxes into the Loan?
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Trade-in Value
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UpvoteHow do you know what interest rate you will be able to get on a loan
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Vanessa
If you have bad credit, or had to file medical bankruptcy like myself, the lowest interest rate I could possibly get was 19.99%. So purchasing a vehicle that was $13,900 used with only just under 25,000 on the odometer (which hopefully was not rolled back because you never know), I had ended up paying over $24,000 by the time I had to move back to Wisconsin to help my family out because my father got...
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UpvotesAsk the Experts
Buying a car isn’t as straightforward as making everyday purchases. The former involves multiple steps and requires prior research, a reasonable budget and some negotiating skills. But buying isn’t for everyone, either. For guidance on the proper way to purchase or lease a car, we asked a panel of experts for their thoughts on the following key questions:
- What are the most common mistakes people make when shopping for a car?
- In what circumstances is leasing a smarter option than buying?
- Generally, what percentage of take-home pay should go to car payments?
- What are your predictions for car sales in 2021? Should we expect to see an increase prompted by a lack of confidence in public transport, or less commuting due to more people working from home?
Bronson Argyle
Ph.D., Assistant Professor of Finance, Marriott School of Business – Brigham Young University
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Ph.D., Assistant Professor of Finance, Marriott School of Business – Brigham Young University
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Andrea Lee Negroni
JD – Adjunct Associate Professor of Law, Washington College of Law – American University
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JD – Adjunct Associate Professor of Law, Washington College of Law – American University
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V. Gerard (Jerry) Comizio
Associate Director and Professor, Business Law Programs, Washington College of Law – American University
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Associate Director and Professor, Business Law Programs, Washington College of Law – American University
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J. Keith Baker
MSFS, MBA, CPA, CFP, CGMA, CREI – Faculty-North Lake Campus of Dallas College
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MSFS, MBA, CPA, CFP, CGMA, CREI – Faculty-North Lake Campus of Dallas College
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Robert R. Johnson
Professor of Finance, Heider College of Business – Creighton University
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Professor of Finance, Heider College of Business – Creighton University
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John S. Jahera, Jr.
Lowder Professor Emeritus, Department of Finance, College of Business – Auburn University
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Lowder Professor Emeritus, Department of Finance, College of Business – Auburn University
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