388 King George Rd, Brantford, ON, N3T 5L8
My Garage

How Much Should I Spend On a Car?: Figuring Out a Budget

How Much Should I Spend On a Car?: Figuring Out a Budget

Applying for a car loan is easier than you may think, even if you don’t have the greatest credit.  You just need to know where to look, and you need to be realistic with your expectations.


You’ve probably seen ads for “bad credit/ no credit financing” on car dealerships on your travels around town.  These institutions specialize in helping people with poor credit or no credit history get into the right vehicle.  The best part of this type of financing is that as long as you maintain your payments, you’ll improve your credit score!  This means you’ll be able to qualify for lower interest rate loans in the future.


You can use a car loan calculator as part of your budgeting process before you apply for financing.  Consider your monthly income and any other payments you already make (credit cards, phone bills, utilities) when calculating how much you can afford to spend.


It’s important to also consider other amounts you’ll need to pay on top of the actual car loan.  You’ll have insurance and gas (unless you get an electric car) every month and any maintenance and repairs that come up.


This seems like a lot to think about, but if you break everything down on paper it becomes clear.  Buying a car is a big decision!  Taking the time to do your research ahead of time will make it a much more pleasant process.


After you have your budget sorted out, you can browse our selection of vehicles and get pre-approved for financing all in one spot!  We told you it was easy.


Thanks for reading. Be sure to connect with us on Facebook, Twitter, Instagram, or LinkedIn to stay up to date on our latest great articles! 


    Finance Form

    By submitting this information, you are accepting that it may be collected, used and disclosed as described in our privacy policy.

    Categories: Car Loan