Can I Afford This Car? 🚗

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Car Affordability Rules & Guidelines

Understanding how much car you can afford is crucial for maintaining financial health. Here are the most widely accepted rules and guidelines used by financial experts and lenders.

20/4/10 Rule

Put down at least 20%, finance for no more than 4 years, and keep total vehicle expenses under 10% of gross monthly income. This conservative approach helps avoid being underwater on your loan.

Total Transportation Budget

Include car payment, insurance, fuel, maintenance, and repairs. Many people forget these additional costs, which can add $200-500+ monthly to your transportation expenses.