Follow the 20/4/10 rule to make sure your monthly payments are affordable. That means making a 20% down payment, choosing a repayment term of four years or less and spending less than 10% of your monthly income on car-related costs. How much does a car cost? Read more about how much it costs to own a car. 2. Gather your documents and information.
When you’re shopping for a new auto loan, it’s important to know the right questions to ask.
You'll want to consider how your new auto loan will fit into your monthly budget before shopping for a car. You can use Experian's car payment calculator to compare estimated loan offers based on how much you borrow, the loan's interest rate and the repayment term.