Buying a car is a major financial decision. Our Car Affordability Tool applies the gold-standard '20/4/10' rule to your finances. It ensures you have a 20% down payment, limits your loan to 4 years, and keeps all transit costs under 10% of your gross income. It also provides a 5-year depreciation chart to help you understand the long-term cost of ownership.
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Car Affordability Tool
Check if you can afford a vehicle purchase using the 20/4/10 rule. Calculate loan payments and depreciation. Fast, free, and 100% private browser tool.
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About Car Affordability Tool
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1
Income & Price
Enter your annual gross income and the price of the car you're eyeing.
2
Loan Specs
Input your down payment, interest rate, and desired loan term.
3
Check Verdict
Look at the 'Affordability Verdict' card for a professional financial recommendation.
Key Features
20/4/10 Validation
Get an instant Pass/Fail verdict based on financial best practices.
Loan Estimator
Calculate monthly payments including interest rates and loan terms.
Depreciation Tracking
See how much your car will likely be worth in 1, 3, and 5 years.
Frequently Asked Questions
Put 20% down, finance for no more than 4 years, and keep total monthly car costs under 10% of your gross income.
Longer loans often lead to 'negative equity' where you owe more than the car is worth as it depreciates.
Most cars lose about 15-20% of their value in the first year and about 15% per year thereafter.
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