Car Affordability Calculator
Start with the payment you can carry, then work back to a price. That keeps the loan from setting your budget. The defaults use South Carolina's vehicle fee: instead of sales tax, SC charges a one-time Infrastructure Maintenance Fee of 5% of the price, capped at $500. In a state with uncapped sales tax, enter your rate and set the cap to 0.
Results
How it works
Payment budget = take-home pay x share. Loan = payment x (1 - (1 + r)^-n) / r with r = APR / 12, the present value of the payments. Price before tax = (loan + down payment) / (1 + tax rate). If that tax is over the cap, the tax is the cap and price = loan + down payment - cap.
Source
FAQ
What share of pay should go to a car?
There is no official limit. Many budgets keep the payment near 10% of take-home pay and all car costs under about 15% to 20%.
Does this include insurance and fuel?
No. Leave room in your budget for insurance, fuel and upkeep.
Is a longer loan better?
It lowers the payment but raises total interest. Compare terms with the CFPB auto loan tools.
How is a car taxed in South Carolina?
SCDMV charges an Infrastructure Maintenance Fee of 5% of the purchase price, up to $500, when the vehicle is first titled in SC. A vehicle already registered in another state pays a one-time $250 fee instead. Title ($15) and registration ($40 for most cars, every two years) are extra.
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Estimates, not tax or financial advice. Check important numbers with a qualified professional.