If you’re planning to purchase a new car, you need to prepare for Dodge financing expenses. Having a budget before you shop for vehicles means you’ll know how much you can realistically spend on a car each month. Our team offers tips on how to budget your car purchase at Hall Chrysler Dodge Jeep® RAM Virginia Beach.
Monthly Costs
First, you’ll need to calculate how much you can spend on a Dodge financing plan each month without breaking the bank. You shouldn’t spend more than 10% of your monthly income on total car expenses. That includes your financing payments, plus additional ownership costs like service, parking, and insurance. Once you’ve determined your monthly budget, you can shop for the best terms and narrow in on models that fit your parameters.
Finding Models in Your Budget
Now that you know how much you can spend each month on your car, it’s time to shop for models. You can use our virtual car payment calculator to estimate your terms and costs. Simply input the price of a vehicle, your estimated down payment, your estimated financing rate, and your term length. Many financial experts recommend a down payment of at least 20% of the vehicle’s cost and a term length of around four years.
Once you’ve inputted this information, you’ll get an estimated monthly payment. You can alter your inputs to see how they affect your payments. Then, once you’ve created a plan that works for you, click “Search new inventory” or “Search pre-owned inventory” to see models that fit your budget.
Get Dodge Financing Advice in Virginia Beach, VA
Our Dodge financing team can help you figure out your budget. Contact Hall Chrysler Dodge Jeep RAM Virginia Beach to learn more.