Car Affordability Calculator

Enter the maximum monthly payment you can afford, the term of the loan, and the interest rate of the loan into the car affordability calculator. The calculator will return the maximum car value you can afford.

Car Affordability Formula

The following formula is used to calculate the maximum value of car you can afford.

MV = MP * L – MP*I/100*L/12

  • Where MV is the max value of a car
  • MP is the maximum monthly payment
  • L is the length of the loan in months
  • I is the yearly interest rate of the loan

How to calculate the maximum car value you can afford.

  1. First, determine your maximum monthly payments

    In general this should not exceed 12% of your pretax income. For example, if you make $1,000.00 per month, your car payment should not exceed $120/month.

  2. Next determine the length of the loan you will take out for the car

    The longer the loan the lower the monthly payments, but the higher the interest rate.

  3. Determine the interest rate of the loan

    This is typically anywhere from 3-7% depending on your credit score.

  4. Calculate the max value car you can afford

    Enter the information from steps 1-3 into the calculate to determine the max value of car you can afford.

FAQ

How expensive a car can i afford?

The most expensive car you can afford is the most money you are willing to pay for it. Most people suggest less than 12% of your income, but you could spend more depending on your financial needs.

What term length should i take out for the loan?

This is also a personalized question. Longer loans result in less monthly payments, but higher interest rates.

Car Affordability Calculator

Related Terms

car affordability calculator
car affordability formula
how much car can i afford
what car can i afford
how much car can i afford based on salary
how much car can i afford calculator
how much car payment can i afford
how expensive of a car can i afford
how much should my car payment be
what car payment can i afford
how much should i spend on a car calculator
how much car loan can i afford
how much should your car payment be
how much car can you afford
what kind of car can i afford
can i afford a new car
how much vehicle can i afford
car loan affordability calculator
what price car can i afford
how much car loan can i get
how much should a car payment be
car affordability calculator based on income
car affordability
what car can i afford calculator
how much can i afford to spend on a car
vehicle affordability calculator
how much auto loan can i afford
how much lease can i afford
auto loan affordability calculator
how much car can i afford based on income
what car loan can i afford
how much car can i afford based on salary calculator
car loan calculator based on income
which car can i afford
car finance based on affordability
what car can i afford with my salary
car payment affordability calculator
how much car can i afford to lease
how much car can i get approved for
how can i afford a car
afford car
car affordability calculator based on salary
car payment affordability
what kind of car payment can i afford
how much car can i buy
car finance affordability calculator
auto affordability calculator
what car can you afford
how much can i afford to pay for a car
what vehicle can i afford
how much car can i afford salary
how much can i borrow for a car loan based on income
how much should my monthly car payment be
how much car can i afford with my salary
car affordability calculator salary
car finance affordability
cars you can afford based on salary
how much car afford
car loan affordability
can i afford a 30k car
how much car note can i afford
what car can i afford based on salary
how much car loan can i get on 30000 salary
what type of car can i afford
vehicle finance affordability calculator
lease affordability calculator
how much to spend on a car calculator
how much car finance can i afford
how much should your monthly car payment be
how much monthly car payment can i afford
what car can i afford for 300 a month
how much can i spend on a car calculator
how much car can i afford for 300 a month
what monthly car payment can i afford
how much car can you afford calculator
what car can i afford with 70k salary
car loan affordability based on income
which car can i afford with my salary
how much used car can i afford
what lease can i afford
car finance on affordability
credit card affordability calculator
how much car loan can i get on 50000 salary
how much car can i afford for 400 a month
i make 40k a year what car can i afford
can i afford to lease a car
can i afford to finance a car
how can i afford a new car
car affordability based on salary
can i afford a 30000 car
what car can i afford for 200 a month
how much car can i afford for 500 a month
i make 80k a year what car can i afford
how much to spend on car calculator
car affordability calculator income
what auto loan can i afford
how to calculate if you can afford a car
car loan calculator how much can i afford
how much car can i afford with my income
vehicle finance affordability
can i afford a 600 car payment
car loan estimator based on income
car affordability calc
how much can i afford to buy a car
how much car can i qualify for
car loan amount based on income
how expensive of a vehicle can i afford
what car can i afford for 250 a month
what car can i afford for 400 a month
how much should car payments be
how much car loan can i get on 20000 salary
how much car can i afford for 200 a month
how much car payment can i afford calculator
what price car can i afford calculator
how much house and car can i afford
what car can i afford with 80k salary
what price range car can i afford
how much car can i afford based on payment
how much car can i afford lease
can i afford a 35k car
how much should a monthly car payment be
auto loan calculator how much can i afford
car affordability based on income
what car payment can i afford calculator
what price vehicle can i afford
what car note can i afford
how to calculate what car you can afford
car i can afford calculator
cheap car monthly installment
how much car can i afford for 350 a month
car payment calculator based on income
i make 30k a year what car can i afford
can i afford a $500 car payment
how expensive of a car can you afford
how much can i afford to finance a car
how much new car can i afford
what car finance can i afford
car payment what can i afford
can i afford the car
how much car can i afford 84 months
calculate car affordability
how much car should i afford
how much car can i afford for 250 a month
how much car can i afford based on monthly payment
can i afford a 20000 car
how expensive of a car can i afford calculator
how much income for car loan
new car affordability calculator
car you can afford
how much car can you afford based on salary
how much car loan can i get on my salary
how to calculate what car i can afford
can i afford another car
how much car can i afford uk
how much car loan i can get
what kind of vehicle can i afford
can i afford a 50000 car
how much car can i afford paying cash
how much emi can i afford for car
price of car i can afford
salary car affordability calculator
what car can i afford based on monthly payment
auto affordability
calculate what car i can afford
what car could i afford
can i afford a used car
how much of a car note can i afford
how much of a car lease can i afford
how much of car payment can i afford
vehicle affordability
how much should you spend on a car calculator
how much car can i afford for 600 a month
how much car to afford
can i afford my car
car loan calculator what can i afford
which car i can afford