What Percentage of Your Income Should Go Toward Auto Loan Payments?

a woman in a car: woman driving car smiling.

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woman driving car smiling.

Housing expenses such as mortgage payments or rent and insurance are usually the biggest monthly line item in most people’s budgets. Not far behind are transportation costs, particularly if you own a car — and certainly if you finance your purchase.

See: 7 Crucial Things You Need To Apply For an Auto Loan

If you plan to get an auto loan, you need to first figure out the answer to the question “How much car can I afford?” Figure out how much you can afford to pay by calculating your monthly budget. Do this before you set foot in a dealer’s shiny showroom where they might try to seduce you into buying and financing more car than you can afford.

How Much of My Paycheck Should Go Toward Car Loan Payments?

You’ll hear different advice about how much you should allocate

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