Auto Debt -

: The cost of borrowing that money, which is typically calculated daily based on your remaining balance.

: Some experts, like those at Edmunds , suggest your car payment alone should not exceed 15% of your take-home pay . Key Components of Auto Debt

: This conservative approach suggests you put 20% down , finance for no more than 3 years , and keep your monthly payment at or below 8% of your gross income .