: Aim for a 20% down payment , a loan term no longer than four years , and total car-related costs under 10% of your monthly income.

Buying a car for the first time is a multi-step process that begins with strict budgeting and ends with careful paperwork. Experts recommend keeping total monthly car expenses—including the loan, insurance, fuel, and maintenance—under of your monthly take-home pay. 1. Establish Your Total Budget

: Your credit score significantly impacts your interest rate. Check it for free using the Experian Credit Tool. 2. Secure Financing Early