Let Us Help You Budget for a New Car

 

When you’re ready to purchase a new car in the Baltimore area, there are many aspects to consider when creating your new car budget. At Heritage Chrysler Dodge Jeep® RAM Parkville, our finance experts are ready to assist you, and we also have a wide selection of new cars and used Jeep vehicles for sale.

Before you start browsing models, here’s what to know about creating a budget.

Monthly payment amount

First, you’ll want to assess your cash flow to see how high your car payment can be. Remember that you must be realistic, otherwise you won’t be able to make on-time payments each month. Some experts suggest spending between 10% and 20% of your monthly income on a car payment.

Down payment

Do you have some money saved up? It’s a good idea to put down as much as you can upfront, which will lower your monthly payment and the overall amount of the loan. Also at this stage, consider the trade-in value of your current car. This will help you lower the loan amount, too. Use our trade-in estimator on our website before visiting our Chrysler dealership near Towson.

Current debt

Remember that your ability to be approved for a loan will depend on your credit history. This is impacted by things like your age, your ability to make on-time payments, and the other lines of credit you have. It’s smart to review any outstanding debt you have, your credit score, and how these other payments pay impact your ability to add on a car loan.

Once you’ve analyzed your cash flow and have a new car budget in mind, you’re ready to start test driving a 2019 Jeep Wrangler or a 2019 Dodge Grand Caravan. Visit our Baltimore RAM dealership today to learn more.

Categories: Finance, News
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