Car Payment Calculator- What Will My Monthly Payment Be?

* These calculations are for reference purposes only. All figures are estimates only and are not guaranteed as accurate. Always consult a professional financial advisor.

Can I afford a car loan on the used car I'm considering?

There are many factors that go into buying a used car and probably none more important than if you can afford the car loan. We understand that every car buyer is different, we value different things. Some drivers may only look for vehicles that fall within a certain price range while others may value the kind of car they drive more. The way you shop for cars and how much you're willing to pay doesn't change the fact that you must make sure you can afford the car loan you get.

You can limit the amount of money you spend on a car in a couple simple ways.

  • Save some money for your next vehicle.
  • Purchase a used vehicle versus a new one.

Doing these two things can help you decrease the amount of money you spend in total on a vehicle and save you money in the financing process. 

Apply online for a car loan in Georgetown, KY here!

The 20/4/10 Ratio of Auto Financing

A quick way to address car financing can be done using the 20/4/10 ratio. This guideline says:

  • When buying a car you should put down at least 20-percent on the total cost of the vehicle.
  • You should finance your vehicle for four years or less.
  • You should make it a priority to keep your monthly auto payment (principle, interest, insurance, and other expenses) at or below 10-percent of your gross monthly income.

Keep in mind that these are not strict rules and only guidelines to assist you in making an educated auto financing decision. Everyone has different financial situations and you should consult a finance expert to help you with planning for your car loan. You can speak with our car financing experts at our used car dealership in Georgetown, KY where they have helped drivers from Frankfort, Lexington KY, Winchester KY, and Nicholasville secure smart financing solutions. 

Browse all the used cars for sale in our Georgetown, KY dealership here!

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