Understand your debt-to-income ratio.
See how your recurring monthly debt compares with your gross monthly income, then estimate how another vehicle payment could change the ratio.
Monthly income
Monthly debt obligations
Use recurring debt payments rather than everyday expenses such as groceries, utilities or fuel. This is an educational estimate, not a credit decision or underwriting calculation.
What does debt-to-income ratio mean?
Debt-to-income ratio, or DTI, compares recurring monthly debt payments with gross monthly income before taxes. For example, $2,700 of monthly debt divided by $6,000 of gross monthly income equals a 45% DTI.
DTI is only one part of a financing decision. A lender may also consider credit history, income, down payment, the vehicle, loan structure and other information. There is no single DTI percentage that guarantees approval or denial across all auto lenders.
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