How much is a 30K car per month?

With a loan amount of $30,000, an interest rate of 8%, and a loan repayment period of 60-months, your monthly payment is around $700. Before you purchase your new vehicle, remember to budget for car maintenance, gas, and car insurance.

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That’s great to hear you are thinking ahead and budgeting your money. To calculate how much the monthly payment on a $30,000 car loan, apply this formula: calculate the total interest you will pay throughout this loan. First,you will pay throughout this loan. Multiply your loan amount with your interest rate. Put the interest rate into a decimal. For example, 30,000 x 0.08 = 2,400. your loan amount with your interest rate. Put the interest rate into a decimal. For example, 30,000 x 0.08 = 2,400. Next, take the answer from the equation above and multiply it by the number of years your loan period is. The answer will be the total interest of your loan. For example, 2,400 x 5 = 12,000.

$12,000 is the total interest you will pay throughout your 60-month loan.

Now to calculate your monthly payment you will need to:

Add your total loan amount and total interest together. This is the overall amount you will pay over your loan with interest included. For example, 30,000+12,000 = 42,000 together. This is the overall amount you will pay over your loan with interest included. For example, 30,000+12,000 = 42,000 Take the overall total value and divide it by the number of months your loan term is. For example, 42,000/60 = 700. With a loan amount of $30,000, an interest rate of 8%, and a loan repayment period of 60-months, your monthly payment is around $700. Before you purchase your new vehicle, remember to budget for car maintenance, gas, and car insurance. To help you find the best deals, download the number-one-rated car insurance app, Jerry . Jerry generates competitive quotes from more than 50 top providers in less than a minute. The average Jerry driver saves $879 a year on car insurance!

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Is $400 a month too much for a car?

How much should you spend on a car? If you're taking out a personal loan to pay for your car, it's a good idea to limit your car payments to between 10% and 15% of your take-home pay. If you take home $4,000 per month, you'd want your car payment to be no more than $400 to $600.

fool.com - How Much Car Can You Really Afford? | The Ascent - The Motley Fool

What about the total purchase price of the car? The most prudent approach is to buy a car that costs no more than 10% to 20% of your annual income. Many consumers exceed that recommendation, but it's best not to tie up too much of your money in a vehicle.

Customizing your car budget

Although 10% to 15% of your take-home pay works well as a general guideline for buying a car, you also need to take into account your current spending habits. Ideally, after factoring in your car payment, you should still be able to:

Pay for all the necessities

Put 10% to 20% of your income into a savings account

Have disposable income remaining for non-essential expenses

Look over your budget to see how much you're spending and saving each month. This will give you the most accurate idea of how much you can spend on a car. For example, if you've been saving 30% or more of your income, then you have the flexibility to spend more on a car. On the other hand, if you aren't able to save much money, then putting 10% to 15% of your income toward a car payment may be far too much. If you're wondering how much the monthly payment on a personal loan might be, use the calculator below. Enter the amount you'd like to borrow, then set either the monthly payment or loan term to what you're looking for. Experimenting with different numbers can help you find a loan term that works for you.

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