How much would I have to make per year to afford a $15,000 used car?

I%26#039;m talking about JUST the car. Not the gas, insurance, licensing, maintence, etc. I still live with my parents so I don%26#039;t have to worry about paying rent or any other expenses. I%26#039;d probably have a 10% interest rate because I am younger my bank said. I would want a 4 year loan probably or the longest I can get a used car loan for. Is there a formula or an online calculator to help figure this out for myself? Thanks!

How much would I have to make per year to afford a $15,000 used car?cash loan

Probably double that :(

How much would I have to make per year to afford a $15,000 used car? loan

you can get a Kia Rio for $9,000. New with a 100,000 mile warranty.

On the $15k your payments would be around $380 per month. thats with the 10% interest rate and not counting sales tax.|||It depends on both your credit level and how long you%26#039;ve been at your current job. Both are important factors. I%26#039;t would help if your parents co-signed on the deal. but if you still live with your parent I%26#039;d assume you really should start with a cheaper car. The insurance would be lower and you should really work your way up after many years accident free.|||A lot of that depends on your credit rating. And if you still live with your parents you may not have much credit experience. Will they co sign on a loan for you? Do you have a good job? Is it secure? They will want a minimum of 1,500 cash at closing and spotless credit before they will talk loan-I can just about guaranty that.|||Here%26#039;s the address of an on-line calculator...

Goto www.kbb.com That%26#039;s the Kelly Blue Book guys that give pricing guidelines that are used by dealers nation-wide.

Scroll to the bottom of the main page and look for %26quot;Financing and Insurance%26quot;; in this column is a link for %26quot;Payment Calculator%26quot;. Click here.

If your pop-up-blocker will allow, a sponsored-link window will open... just fill in the blanks.

P.S. Use the calculator for free, but don%26#039;t put in any personal info online... just enter the numbers... (give your info to your bank)

15,000 @ 7.59% for 48 mos. = 363.31/month

The Kelly site is good for looking for nearby dealers in your area. Another is www.edmunds.com

Hope this helps ;)

Good Luck!|||You%26#039;re missing a few major points here.

For starters, you should never spend more than 60% of your income on combined housing, transportation and food. If you have 20% of your income going to transportation (car payment plus all other expenses) you%26#039;re in a danger zone -- unless of course you%26#039;re living rent-free at home.

Here are some other percentages:

* Personal debt (credit cards, personal loans), 14 percent, with a range of 10-20 percent

* Housing, 27 percent. Range: 20-35 percent

* Food, 21 percent. Range: 15-30 percent

* Transportation (including car loan, insurance, gas, etc.), 8 percent. Range: 6-20 percent.

* Utilities, 6 percent. Range: 4-7 percent

* Clothing, 4 percent. Range: 3-10 percent

* Miscellaneous (travel, child care, entertainment, gifts), 1 percent. Range: 1-4 percent

* Savings, 7 percent. Range: 5-9 percent

* Insurance (health, life, disability), 6 percent. Range: 4-6 percent

* Personal care, 3 percent. Range: 2-4 percent

* Health (prescriptions, eye care, dental), 3 percent. Range: 2-8 percent