If you’ve got your eye on one of the new Alfa Romeo models at Helfman Alfa Romeo, it’s important to start thinking about how to budget properly so that you don’t experience unnecessary financial strain down the road. Our financial team has a few tips to help you through the process.
Establish Your Budget
Before you begin, you’ll want to determine what your budget should be. To maintain a comfortable cushion, you typically want to keep your total vehicle expenses under 20 percent of your monthly take-home pay, and your monthly payments around 10 percent. Don’t forget to look at your already existing debts, too — experts recommend keeping your debt-to-income ratio under 36 percent.
Get Preapproved
We recommend getting preapproved for financing if you’re uncertain how much you can (or should) spend. By getting preapproved, you can get a better idea of how much you’re able to spend, as well as what your potential interest rate will be.
Utilize an Auto Payment Calculator
Next, you want to make sure your total cost and monthly payment align. We suggest using an auto payment calculator to get an idea of your future monthly payment. You can also play around with factors such as down payment and term length to see how they affect your payment.
Determine Your Down Payment
Don’t forget to determine how much you feel comfortable paying upfront on your loan with a down payment. You can also consider trading in your current vehicle to contribute toward the down payment to your new one using our handy car trade in value form. We are always interested in adding to our quality pre-owned inventory!
Shop New Alfa Romeo Models at Helfman Alfa Romeo
Are you ready to get into a new Alfa Romeo car or SUV? Still have questions about financing? We encourage you to visit our Houston dealership to chat with our team today!
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