Finance/loan experts
 

I'm looking to buy a used zl1 at the end of the year and was wondering how much income would be needed to finance around 40 grand. My debt to income ratio is pretty low and my credit is okay, in the low 700's.

To give you an exact answer there are many variables: which bank you use, your current credit score, current debts, income, consistency in credit score, debt, income, etc. It is impossible to give you an exact answer but it all basically depends on how much of your income you want to spend on a vehicle a month.

Here is an example of some typical rates. This should give you a pretty good idea of if you can afford the monthly payment. If you can not afford it without it being a burden on your life you need to recalculate for when you can afford it or rethink your vehicle purchase.

$40,000 @ 2.8% for 36 Months
Monthly Payment of $1,159.73
Total Interest Paid over 3 Years $1,750.28

$40,000 @ 2.95% for 48 Months
Monthly Payment of $884.49
Total Interest Paid over 4 Years $2,455.52

$40,000 @ 3.10% for 60 Months
Monthly Payment of $720.53
Total Interest Paid over 5 Years $3,231.80