What would my payment be on a car loan?

I recently got a new job and have been thinking about purchasing my first car. The new job pays better, but I won’t be able to buy the car upfront and will need to take out a car loan. I want to make sure I can budget appropriately, so what would my monthly payment be on a car loan?

Answer
Congratulations on the new job! Buying your first car can be an exciting experience, and it’s smart to look at your budget first. Unfortunately, you won’t know what your car loan payments are until you are approved for a loan; however, you can get a rough estimate.
Lenders use many different factors to determine if your loan will be approved, how much you can borrow, and your payment. Some of these factors include:
  • Your credit history
  • Your income and employment
  • The vehicle you are purchasing
If you have a general idea of a loan’s APR, you can use a car loan calculator to estimate your payments, but the best way to know what your payment will be is to apply for a loan or talk with a lender. To find a car loan with favorable terms and payments you can afford, you should shop around and compare offers from multiple lenders.
Once you find a vehicle and begin applying for car loans, you will need to provide proof of insurance. To find the right car insurance policy, you should shop around and compare quotes from multiple insurers.
If you’d rather leave the hard work of gathering quotes to someone else, use Jerry. Jerry collects quotes from more than 50 top insurance companies, like Travelers, Nationwide, and Progressive, in minutes for free. The average Jerry driver saves $879 a year on car insurance!
Jack Walsh
Answered on Nov 18, 2021
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