Car shopping is an exciting process, but sometimes it isn’t as exciting to plan how you will pay for your new vehicle. In fact, a big question for a lot of shoppers is just how much they should dedicate to a new car. There are a few factors that go into determining a budget for a new Ford SUV or truck from Lester Glenn Ford.
We have shopping tools on our website to get help you get started, including a credit estimator, which will approximate your current credit score and a trade-in evaluation tool to get the value of your old vehicle. You can also use an auto loan calculator to help determine what type of monthly payment to expect on different investment levels.
So just what type of monthly payment works for you? Experts recommend keeping your monthly payment at less than 15% of your monthly income. Of course, that may differ for you if you have a high debt-to-income level or don’t have a regular income. Keep in mind that the 15% should also include additional costs that come with car ownership, such as auto insurance, registration, fuel, and maintenance.
Lots of things can help lower your monthly payment if you find that the car you love is a little over your budget. You may want to consider a more sizable down payment to lower the total investment. You can trade in your current vehicle and put its value toward your new car. You may also want to look at leasing, rather than purchasing, or opt for pre-owned Ford vehicles that still have low mileage.
Need more help or advice? Visit with our Ford finance center near Asbury Park, NJ. You can give our expert team a call at 877-836-4289 or just stop in. Our finance center is open Monday through Friday 9am-9pm and Saturday 9am-6pm. Come on by!