I'm about to get a honda accord. I need to finance though and it's my first time having that type of commitment.?

For an adult who's not 21, what's a safe number to finance per month? Currently middle class

Other answer:


I work for a bank financing autos, I have financed several million dollars so I can speak with some authority on the subject.

If you never financed a vehicle, you will be in the first time buyer guidelines. Every bank or credit union is different so it depends on which one you choose to go through. When I am working with clients, I always ask them "What is a payment you want to make for the vehicle, that you can make and still have money to pay your bills and have fun with." For the place I work we won't let first time buyers go over $250 per moth for an auto payment. You should ask yourself that question whether that is $500 per month or $100 its based on how much you pay in rent (or do you live at home still), other debts and insurance costs.

A lot will depend on what your credit score is. If you walked into my employer and asked for a loan if you had no credit and wanted to make a payment of $250 per month, you could get a car that was $10,000 or so. If you had 700 credit you could get a car that was $17,000 for that same $250, its the difference in the interest rates.

How much should you finance? Personally I wouldn't buy a new car, I would buy a car that is 2-3 years old, by that time most of the depreciation is out of the vehicle. Japanese cars tend to hold their values better than chevy's or Fords. I'd look for a private party seller, b/c you will get the best deal. I would look at financing around a 12-15K on a vehicle.

If you go to a dealership, don't buy the warranty. Dealerships make most of the money from warranties and other after market products, if they make most of the money from them, its probably not in your best interest. That and life time oil changes are a waste.

being middle class, upper class or lower class counts for nothing when it comes to loans

What DOES count

1. you have good credit
2. you have a steady job
3. you having enough spare financial capacity after paying your bills, to pay for this car loan

Given you have told us no details of your income / expenditure no-one on where can tell you what a 'safe number' for you is

Only you know your income and expenses. From that information you can figure out how much you can afford to pay for a car. But don't forget there are other costs to consider such as sales tax, tag and title fees, gas, maintenance, and the big one — insurance.
Depends on your income dude. Go over it with someone who's successful and financially responsible
Being middle class means nothing. You know how much money you have. We don't.
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thats hard to say .. imo if it takes more than one weeks pay per month to cover the car payment and insurance you will struggle ..

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