How much vehicle can I afford?

Experts suggest that you should not allocate more than 20% of your take-home pay towards monthly auto payments. The down payment, interest rate, and term of your loan will also determine how much you can afford to buy. Use this calculator to help determine how much you might be able to spend on an automobile.

Assumptions

Down payment (include cash on hand, trade-in value, cash rebate, etc.) ?

Include cash on hand, trade-in value, and any cash rebates.

Desired monthly payment ?

The amount you want to pay each month toward the loan.

Annual interest rate ?

The loan's annual percentage rate.

Term of the loan (months) ?

Length of the loan, in months.

Enter your values and select Calculate.

Find out how much vehicle you can buy based on the monthly payment you want, your down payment, the loan rate, and the loan term.

This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate future results.