How to Budget Your Payments for a New Chevy

Bolt EUV For Sale

If you’re planning to buy a Chevy vehicle soon, before you actively start looking at listings, it’s important to think about your finances. A car is a big expense, and without the right Chevy payment plan, you could find yourself in the hole.

This guide from our Chevy dealership can help steer you in the right direction when it comes to budgeting for a new Chevy vehicle.

Down Payment

Bolt EUV Back End

A 20 percent down payment also can shrink your monthly payments and even reduce the length of your loan. If you’re unable to do 20 percent, consider using your current car as a trade-in, as it may have more value than you realize.

Monthly Payment

Next, you need to think about how much you can afford to spend on your car every month. Another rule to follow that can help; you shouldn’t spend more than 10 percent of your income on your car. This includes additional payments such as gas, maintenance, insurance, and other auto expenses.

Loan Term

Last, you need to come up with a loan term that’s in your best interests. If you can, go with a term around four years. While a shorter term means higher monthly payments, a longer term with lower monthly payments can be even more expensive due to interest.

Make the Right Buying Decision at LaFontaine Chevrolet Dexter

At LaFontaine Chevrolet Dexter, we want you to make good choices with your car purchase. Let us know what your budget is, and we will help you find the perfect vehicle at a price you can afford. And if you want to get pre-approved for a loan right now, you can fill out our quick and easy Chevy financing application.