Okay… I asked a similar question before but this one is about me…. I want a 80k vehicle (my dream car)…. ive been working with my company for a year now, and I just got offered the permanency, making about 60k pre-tax a year…. i pay about 800 a month for my home… and PenFed is offering me a 4.99% rate for a vehicle.
I have impeccable credit… like seriously impeccable…. never debted, never maxed out.. i have about 17k in savings (in one year!!!) now, im willing to wait to save more if necessary to not pay as much, but ive always been good at sacing money for the things i want, now my question comes as
can i afford my dream car? and when can i afford it? how much would i pay and would banks even take two looks at me before sending me out the door?
I could have a cosigner…. but I want the independence of not needing my parents for this…now… i am strictly budget minded and have totalled monthly expenses to an avg of 1,200 a month (rent included)
any ideas?
i have a clean license, if that helps… and this would be my second vehicle (the first one was bought cash)
Claudia
Wanda
Like I said the last question the maximum payment is 20% of your monthly income so even at $60,000.00 a year that’s only $1,000.00 so if your buying a $80,000.00 car for 60-months at 4.99% you need $27,000.00 down to get to $1,000.00 a month.
Good luck.
Comment by SPIFIMAN1 — December 29, 2009 @ 7:37 pm
Josephine
It seems you are in doubt if you can afford this or not. So if in doubt don’t do it. There are plenty of cars you can get for a hell of a lot less money. You can drive the flash or you can keep it in your pocket. I prefer my flash in my pocket.
Comment by leonardhomes@sbcglobal.net — January 1, 2010 @ 12:31 pm