As a financial guideline, aim for a 20% down payment, a 3-year (36-month) loan term, and total car expenses that are 8% or less of your monthly income. 2. The Negotiation Phase

Secure financing from a bank or credit union before visiting the dealer. This gives you leverage and protects you from overpriced in-house financing.

Are you looking to buy a or used vehicle, or do you have a specific budget in mind for this purchase?