How much money would you have to make a month to buy a car such as a mercedes c class($30000)?
June 15th, 2008
Lukasz S asked:
I was just wondering how much income each month would you have to have to get a car like this if you are single and have a 200k house.
Aaron
I was just wondering how much income each month would you have to have to get a car like this if you are single and have a 200k house.
Aaron
Categories: best car ever | Tags: Buy A Car, Buy Car, Mercedes C Class
The life style you go so its not to go out to eat and buy things have nice house you go out to eat.
The life style you can get 30k car for as low as 300 month depending where you go out to eat and buy things have nice house you can get 30k car they want it just depends on the life style you want.
It doesn’t matter where you go. You can’t get a $30,000 car for $300 a month on this, or any known planet. Do the math — You would need to finance $30,000 for over 9 years at 0% to arrive at $300 a month.
The key (as it seems like you’ve figured out) is your monthly income. As long as your payment is less than 18% of your income, you’re good with most banks. Financing a $30k car for 72 months at 8% APR will be $575 a month. You should be able to do that without too much trouble on $4k a month, but I’d feel better about it with $6k+ per month. Do yourself a favor and lease it. You’ll probably save $100 a month and you won’t have to deal with it once it starts breaking down out of warranty. —EDIT: I’m assuming good credit (which isn’t a very safe asumption these days)
What you make a month is only one piece of the puzzle. What’s your credit score? How long have you been on the credit bureaus? Have you financed a car before? Do you have any deragotive marks on your history? And most importantly, is your debt to income ratio less than 34%?
You make make $120,000/year with a 750 score. But if your credit history is only 2 years old, you’ve never financed a car before and you have $3500/mth going out on bills (mortgage, insurance, personal loans, student loans, revolving credit etc), you’ll get turned down.
In today’s market, you need at least 5 years of credit history, a previous car loan that was paid on time every month, 2 years at the same job, 5 years at the same residence and less than 34% of your monthly income going out to bills to qualify.
If you don’t meet these requriements, you’ll need a strong cosigner to help you get approved.