Deep South Auto Finance Announced Budgeting Guidelines

PRLog (Press Release) - Aug 08, 2011 - Hoping to get a car loan for a used vehicle anywhere in the Deep Sout alfa romeo h? Of course, the amount you p dodge ay for any new car should be commensurate with your income. But how do you calculate this kind of thing?

Let's look at Mississippi as an example.  The state of Mississippi ranks 48th in terms of income. These consumers make $32,291 yearly on average.  But it doesn't matter how much you make, but what percentage of it you devote to your auto loan.  You'll want to spe bmw nd less than 18-20% of your salary or yearly wages on car-related expenses per year.

Now, you've got to include costs like auto insurance coverage and fuel. As an example, Mississippi residents fork over approximately $721 each and every year for insurance coverage ($60 a month), and things like servicing and gas could run you up to $100 monthly. All things considered, the average shopper should have a Mississippi car loan (http://www.carloansmississippi.com) budget around $324 to $378 a month. The average Louisiana resident, on the other hand, would have a slightly higher budget:  $413 to $477.

Now let's take a look at what type of vehicle is affordable with a payment of $378 each month. The longer your auto loan, the more car you can afford. If you get a 3 year car loan, you would be able to to shell out $13,614 for a car. On the other hand, finance for 60 months and you could spend $22,691. But bear in mind, that isn't the MSRP of the vehicle you can audi afford - you will need to factor in interest. Of course, you might possibly devote $22,691 over a period of 5 years, but the amount you pay to your Mississippi or Louisiana car loan company (http://www.carloanslouisiana.com) could very well constitute thousands of dollars of the total, especially if you have subprime credit.

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