If you’re comparing auto financing in St. Augustine, FL, our team has the tools and expertise you need. When budgeting for a pre-owned car, you should budget not just your expected monthly costs, but also for your down payment and emergencies. As part of our Auto Financing Tips series at Fields Pre-Owned St. Augustine, we’ve listed the top saving tips for pre-owned models.
Budget Monthly Expenses
The first step in budgeting for auto financing is estimating how much you can pay each month. In general, you should keep your total car payments each month to no more than 10% of your overall monthly expenses. This should consider financing payments, insurance, and regular expenses like gas and parking.
Saving for Down Payments
Another factor to consider is your down payment, which helps reduce the monthly payment and shows your financing institution how serious you are about buying. You should aim for a down payment that’s about 15% to 20% of the total vehicle cost. Budgeting for this in advance helps you save money in the long run, especially if you’re looking for the best monthly terms.
Considering Emergency Costs
It’s always wise to set aside part of your budget toward emergencies, and your vehicle costs are no exception. In addition to routine service and maintenance, you should set aside some money for critical issues like breakdowns, collisions, and accidents. This ensures that you can help pay for the cost of repairs or insurance without putting too much strain on your wallet.
Apply for Pre-Owned Auto Financing in St. Augustine, FL
Ready to get your auto financing budget started? Contact Fields Pre-Owned St. Augustine today to schedule an appointment with our financing and leasing experts.
