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Is a $700 a month car payment too much?
"I want to buy a car that's $34,900 for 60 months. I'm not sure what the APR is, but the monthly payment is $700. Is this too much to pay?"
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The amount you pay is dependent on three things:
- APR
- Loan amount
- Length of the loan
From what you’ve listed, your APR is about 7.5%. That might not be too bad depending on your credit, but it’s on the high side for those with good credit. You can monitor your credit score with
Credit Karma
. Like you would with
car insurance
, make sure to shop around to find the best rate possible. Credit unions are usually your best bet, but banks and even dealers offer special loan rates at certain times throughout the year.”View full answer
- Gregory R.
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