"Do you think I can comfortably afford to finance a $40,000 Charger? "

"I have been making over $80,000 annually for over a year now. I’ve almost eliminated my student loan debt and my monthly expenses are less than $1,000 per month.

I really have my heart set on a new Dodge Charger. The MSRP is about $40,000. Can I get a loan, and if so, how much should I expect to put down?

"

Answer provided by
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Johnny Puckett
Answered on May 11, 2021
“On a $40,000 car, you should expect to put down at least $8,000. Depending on your interest rate and the length of the loan, your monthly payments should be $500 to $1,000 per month, and insurance is going to cost around $200 per month.
Lenders will want to see that the monthly insurance and car payments combined equal less than 20% of your monthly income. So whether or not you can afford the Charger depends on how much your monthly payments come out to be. “
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