How Much Should You Borrow?

Not sure how much money to request for your auto loan?

Financial experts suggest car buyers should spend no more than 10% of their monthly net income on a car loan payment. Keep in mind that your net income is the money you take home AFTER federal, state, and local income tax has been deducted from your paycheck. You will also need to take into account car insurance, maintenance, gas, registration, and other non-car related monthly payments in which you should pay no more than 20% of your net income.

Click here to use an auto loan calculator to help you figure out what your monthly payments would be.