Determining How Much You Can Afford for your truck financing

Before financing or leasing a vehicle, make sure you have enough income to cover your current monthly living expenses. Then, finance new purchases only when you can afford to take on a new monthly payment. The “Monthly Spending Plan” is a tool to help determine an affordable payment for you. The only time to consider taking on additional debt is when you’re spending less each month than you take home. The additional debt load should not cut into the amount you’ve committed to saving for emergencies and other top priorities or life goals. Saving money for a down payment or trading in a vehicle can reduce the amount you need to finance. In some cases, your trade-in vehicle will take care of the down payment on your vehicle.

Know the Terms of Financing Before You Sign

Negotiated Price of the Vehicle – The purchase price of the vehicle agreed upon by the buyer and the dealer.
Down Payment – An initial amount paid to reduce the amount financed.
Extended Service Contract – Optional protection on specified mechanical and electrical components of the vehicle available for purchase to supplement the warranty coverage provided with the new or used vehicle.
Credit Insurance – Optional insurance that pays the scheduled unpaid balance if you die or scheduled monthly payments if you become disabled. As with most contract terms, the cost of optional credit insurance must be disclosed in writing, and, if you want it, you must agree to it and sign for it.
Guaranteed Auto Protection (GAP) – Optional protection that pays the difference between the amount you owe on your vehicle and the amount you receive from your insurance company if the vehicle is stolen or destroyed before you have satisfied your credit obligation.

Remember... Before Visiting the Dealership:

Evaluate your financial situation and determine how much you can afford to pay each month. A longer-term finance contract may mean smaller monthly payments than a shorter-term finance contract (if all other terms are the same) – but will result in more money paid over time on your contract.

Determine the price range of the vehicle you’re thinking of buying. Check newspaper ads, the Internet, and other publications.

Understand the value and cost of optional credit insurance if you agree to purchase.

Know the difference between buying and leasing a vehicle.

When Visiting the Dealership:

Stay within the price range that you can afford. Negotiate your finance or lease arrangements and terms. Consider carefully whether the transaction is best for your budget and transportation needs. Understand the value and cost of optional products such as an extended service contract, credit insurance or guaranteed auto protection, if you agree to purchase. If you don’t want these products, don’t sign for them. Read the contract carefully before you sign. You are obligated once you have signed a contract.

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