It’s suggested that you spend less than 10% of your take-home pay on an Auto Loan payment to allow for other living and unexpected expenses. Once you determine how much you are able to comfortably spend on a car payment each month, you can use that number to determine the overall Auto Loan that you are able to afford. The size of your down payment on a car will also impact your monthly payment.
To set yourself up for success, it’s important to take a few steps. First, check your credit report. Your credit history can impact the interest rate and payment for your loan. If you would like to improve your credit score, check out this helpful blog with tips to build credit.
Next, get pre-qualified! Knowing the loan amount and payment you can qualify for will help set a new car budget. Once you find a car that fits within the loan budget, contact your Midwest Heritage lender for final approval.
Our experienced lenders are here to guide you every step of the way. They are here to help or answer any questions specific to your financial situation!
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Products offered by Midwest Heritage Insurance Services are not insured by the FDIC or any other Federal Government Agency, are not a deposit or obligation of, or guaranteed by Midwest Heritage, may involve investment risks, including possible loss of principal amount invested, and may lose value.
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