If you’re an Atlanta resident in the market for a new car, it’s best to calculate a maximum monthly payment before you sign any paperwork.
A general rule-of-thumb is that you should spend roughly 20% of your monthly budget on transportation costs. For the average Atlanta household, yearly income is slightly less than $20,000, or $1600 per month. Twenty percent of that amount is $320. Remember to subtract other transportation costs like gas and maintenance, and what’s left over is the maximum car payment the average Atlanta household should undertake.
Obviously, every budget is different, and you should use this formula to budget for your atlanta auto loan based on your personal income amount.
