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Posted in Auto Loans
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Question By
Portuguesa60

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Can I afford to buy a $14.000.00 dollar car ?

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Possibly. As stated... only YOU kow your financial situation.
If you can afford the posisble 5-10% down payment ($700-$1400) and then the monthly payment on the car, then yes.

Check out an amoritazation calculator (http://www.amortization-calc.com/) that allows you to punch in a length of loan and a possible interest rate to figure out an expected payment plan. Remember... err on the side of "high" with the interest rate so you are pleasantly surprised if it comes back lower, yet preparred if it is high interest.

For example... your $14,000 car, with 10% down would be a loan of $12,600.

At a rate of 14% over 60 months, you are looking at a monthly payment of $293.18

Don't forget to tack on the added taxes and registration fees for your municipality. This can easilly be close to 7-10% of the purchase price for the vehicle...and this is due within the first month or purchasing. Also figure in the insurace rate for the car (if you don't already have one, and review the current policy if you are buyin a newer car as the rate may increase)

For me, I run on the principal of 25% of a salary...if I can't afford to place one quarter of my salary into a payment for something, then I can't afford it.

in the end it's your money, and your credit that is in question, so again...only YOU can answer this.

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Helpful to 3 out of 5 people

No one can answer this except you. take into how much you make a month, year, week. think if you want to finance or save and pay it all at once. some people can finance a 70,000 car and others cant even dream of it. depends on if you really wish to spend money that way & if youll have enough for plain living and daily things. my advice is dont struggle to pay for things. go to a dealership, see what your options are, how much the bank is willing to loan you- if they are, and it willtell you what you need to do. 

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If you have to ask then no you can't afford it.

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