There are several car affordability calculators available online that can help you determine how much car you can afford. Here are some of the most popular ones:
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Cars.com Car Affordability Calculator: This calculator allows you to estimate your monthly payment and compare it to your budget. You can adjust the down payment, trade-in value, loan term, and APR to see how changes affect how much car you can afford. The calculator will show you the total loan amount, total interest paid over the life of the loan, and the total loan and interest paid.
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The Zebra Resource Center Car Affordability Calculator: This free calculator helps you figure out how much car you can afford. You can input your monthly budget to estimate your maximum car price.
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NerdWallet Car Affordability Calculator: This calculator helps you find the monthly car payment and loan amount you can afford. Once you know the monthly car payment you can afford, you can calculate how much you can afford to borrow for your car loan. With that, you can set a realistic target price and finally answer the question, “What car can I afford?” .
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Edmunds Car Affordability Calculator: This calculator lists vehicles that fall into the price range youve predetermined. You can input your monthly take-home pay and deduct your expenses to discover how much car you can afford. The calculator also offers tips on how to recognize your own car-buying habits to help you determine the best strategy for you.
To use these calculators, you will need to input some information such as your monthly budget, down payment, trade-in value, loan term, and APR. Once you have entered this information, the calculator will show you how much car you can afford based on your inputs.