Purchasing a new or used car is always an exciting thing. Paying for a new or used car can be a difficult thing, unless you have the right advice before making the transaction.
The first thing you need to do is figure out how much car you can afford. That’s different from how much of a monthly payment you can manage. Most financial experts agree: except under extremely rare circumstances, you should never buy a car based on monthly payments.
Why? It enables dealers to sell you more car than you can afford. Financing a new car for more than 60 months—or a used car for more than 48 months—indicates you can’t afford the car.