WebAt $50K, I'd be looking at used vehicles or entry-level. Obviously 35% is a guideline dependent on other financial obligations and lifestyle, as well as any trade-in or savings you could use for a down payment, but still you are approaching 100%. 7 parkerLS • 1 yr. ago That is way too much vehicle for $50k income. WebOct 21, 2024 · However, in general, you should be able to afford a fairly decent car if you are earning 50k a year. Your budget for a car will depend on a few different factors, including how much debt you currently have, how much you can afford to put down as a down payment, and your monthly car payment budget.
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WebOct 20, 2024 · Calculating the Maximum Payment Assuming you earn a $50,000 salary, your gross income is about $4,167 per month. Lenders generally allow a front-end DTI of between 28 percent and 31 percent of your gross income to cover housing payments – principal, interest, taxes and insurance. WebOct 21, 2024 · Watch on. When you’re earning a salary of $70,000, you have a lot of options when it comes to purchasing a car. You can afford to buy a new car, or you could buy a … WebMar 24, 2024 · If you are one of those people who bring in $50k a year and are looking for a good car to invest in, look no further. To make the search easier for you, we have … ipms holdings ltd