What precentage of your monthly income should go to a car payment??

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Old 11-24-2010, 12:23 PM
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Do you live at home with the parents or on your own? If you still live at home, that can possibly change at any time which would alter your monthly $$$ drastically.
Old 11-24-2010, 12:44 PM
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Dont worry about it, just stretch yourself out as thin as you can and hope for the best.

Our car notes with insurance are about 1/8th of our monthly income and our house is approx the same.

Like said, you need to consider much more than just your gross salary such as what other bills do you have or forsee within the term of the loan.
Old 11-24-2010, 07:09 PM
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100% of it, go big or go home
Old 11-24-2010, 07:57 PM
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Thanks for the DANK info guys. I'm going to shoot for 10% of my gross income. My income for each month varies a lot, so I took the 10% from my guaranteed monthly income. That should get me a nice f-body or c5.

What's a good interest rate for a used car?
Old 11-24-2010, 08:08 PM
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http://www.bankrate.com/auto.aspx
Old 11-24-2010, 10:03 PM
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Originally Posted by texas94z
Thanks for the DANK info guys. I'm going to shoot for 10% of my gross income. My income for each month varies a lot, so I took the 10% from my guaranteed monthly income. That should get me a nice f-body or c5.

What's a good interest rate for a used car?
Have you financed a vehicle before and what is your credit score.


That web page is out in left field for people with excellent credit(740+ fico)
Old 11-24-2010, 10:37 PM
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Originally Posted by texas94z
What's a good interest rate for a used car?
Got 4.5% (5 yr.) on my used car loan with good credit. Your credit score will determine your rate along with how long you want to finance it.
Old 11-24-2010, 10:44 PM
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Originally Posted by Busy Mopper
100% of it, go big or go home
I see you must live with your parents and not help with bills. Go big, indeed.
Old 11-24-2010, 11:40 PM
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If you cant float your car payment for a year if something happens then your doing it wrong. Another tip, keep the payoff under poor on the blue books.
Old 11-24-2010, 11:53 PM
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my little brother just bought a 99 WS6 and his interest 3%.... hope that helps
Old 11-25-2010, 01:43 AM
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I'm going to buy something cheap. I'm going to pay it off in less than 6 months.

I'm looking for a higher mileage clean M6 SS or WS6. Anybody know of anything PM me.

Red, black, white and silver only please.
Old 11-25-2010, 02:14 AM
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Originally Posted by jb7241986
Its gonna be 18 or 19 when im done. It was an 02 with 36,000 miles for 15k in 2007. I dont care what i pay ive got a 35th anniversary le. In 20 yrs it will double what its worth.
Old 11-25-2010, 02:19 AM
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50% including full coverage. But my scholarship covers my rent and bills along with some left over for spending money! Keep in mind that I only work 20 hours a week and 15 hours of school! Lol. But when I worked full time I spent 1/6!!
Old 11-25-2010, 02:41 AM
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6-8%, depending on how the month is going since I am self employed.
Old 11-25-2010, 03:29 AM
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No percentage of my income goes toward a car payment. PAID CASH
Old 11-25-2010, 03:42 AM
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I don't want to even figure up what I am paying..I don't make much by any means.

I'm making it though
Old 11-25-2010, 10:42 AM
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ok, i just did some calculations and it shows i'm paying .06% for my car

and 22% for my house.

yeah, that makes sense - for both of those together i'm looking at 29% from my gross income.

i'm assuming that's good !?!?
Old 11-25-2010, 06:17 PM
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I just saved and payed cash for the car I wanted. Took less than six mos. Full coverage less than one percent of my income.
Old 11-25-2010, 06:26 PM
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Originally Posted by 5w20
man that smiley face was pretty cool even for a third grader
Old 11-25-2010, 08:24 PM
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Originally Posted by jb7241986
man that smiley face was pretty cool even for a third grader
You mad?

Must be the same one that signed that car loan blindfolded.


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