How much car can you afford?
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- Опубліковано 1 сер 2024
- Now because I'm contemplating getting this car (taxi), I found myself thinking “What car can I really afford for this venture?” More specifically what car fits my budget? I made a 5 point checklist to help with this decision.
1. Figure out your monthly income and expenses
First things first, let’s crunch those numbers. Calculate your take-home pay after taxes and deductions. Then, tally up all your regular monthly bills - rent or mortgage, utilities, groceries, and any existing debts like credit card payments or student loans oh and those subscriptions, don’t forget those.
2. Apply the 35% Rule and 20/5/15 Rule. Now, let’s get nerdy with budgeting. I’m all about rules because it makes things flow. First the 35% rule. This one is simple and its telling you not to spend more than 35% of your gross annual income on your car. Lets say you make $3,200,000 per year then you should spend $1,120,000 on a car. This is kind of unrealistic especially with these car prices now a days so this rule is just for finding the ball park range for ideal car prices. The second and original rule is the 20/4/10 rule where you save up a solid 20% for a down payment of the car then cap your loan at four years tops, and make sure your total car costs don’t consume more than 10% of your monthly income. However I thought this rule was a little restrictive especially in Jamaica, so I came up with my 20/5/20 numbers instead.
3. Your Credit Score is your savior.
Focus on building your credit score because this will in turn show your credit worthiness and allow you to negotiate better interest rates which will save you more money in the long run.
4. Choosing the Right Lender
Research is your trusty sidekick in finding the perfect lender for your needs. Start by making a list of potential lenders, this could include banks, credit unions, online lenders, and even dealerships. But because I know @jmmbgroup has the Drive Easy solution, I don’t have to look any further.
Drive Easy offers:
- Up to 100% financing.
- Flexible loan tenure on used cars up to 9 years, and new cars up to 10 years.
- Great interest rates plus they offer in house insurance brokering.
Let’s hit the road!
Disclaimer: This video is for educational purposes and should not be considered financial advice. Please seek the services of a licensed financial advisor at JMMB.
Your channel is underrated bredda. Keep up the good work
I appreciate that bro respect
That's y i spread the message💯💯
I love how financial institutions are getting on board with partnerships/sponsorships... congrats
I’m grateful also, value is being seen on both sides
Transportation and breakfast and lunch per day
Bro I swear you have be all over the internet 😂😂
Great Chanel
Lol all over? Well most be a good thing. Thank you
@@DemetressFairman yes mn yuh channel have the sauce mi a tell yuh
Glad for the upload well needed 🙏🏾
I appreciate that thank you
Bro I really rate your financial videos especially the car loan and car expenses one cause I wanna upgrade soon. The credit scores website link thanks for that, cause banks normally charge 3500+ for thatv
Yo in honestly glad you guys liked the video. Yea man I might even do a credit score video
@@DemetressFairman let me be one of the first to encourage you to do a credit score video, I’m sure it be helpful to many
Are you able to give us a video specifically for fixing bad credit score?
That’s a good idea, I’ll have to look into it
Great. Looking forward to it.
Dawg yuh ever a share some really useful information 💯 Keep it up, blessings
Blessing king
Great content
Respect 🫡
I know that rule as 35/10
Great video bro, big up jmmb, I wanna be like Alex 😂😂
Big up jmmb big time yes
Thanks once again for these amazin' tips 💯💯🙏🏽👏🏾👏🏾
Big up bro
Big up bro
Really nice video bro. Alex need to learn how to pay directly to the principle too😂
That’s why you guys are future millionaires I love the great tips
I love this video bro but I think car loans are scary, it keeps you working even when things get hard, eg. taxi business run into a little problems, car loan still have to get paid, you sick and can’t make it to work so you didn’t get pay for that month, car loan still have to get paid, you got pregnant so you not working for a while, car loan still needs to be paid.
Yea it’s a big decision and one that should be thought out careful before committing and it’s the same with real estate
How much car can you really afford😂😂 no idea why that sounds so funny
Lol it’s an unconventional way to think about it
It's great. Keep up the great work. Happy Sunday!
Where did you get your standing desk?
Sit Stand Desk: amzn.to/3A3dcMO
@@DemetressFairman I thought it was local 😅, appreciate it 🙏
1:30 Spotify streaming is free on my iPhone.... Netflix is not.
Lucky you that’s nice
I need some help with investing can you help me out
I’m not licensed but jmmb can definitely help you
Been watching your video for two year keep it up