What is a good amount to borrow when applying for an car loan?

I am applying for an car loan and am new to this. I am not sure what amount to ask for or loan term. I can afford $250-$300 a month.

What is a good amount to borrow when applying for an car loan?
The smallest amount possible ,





I've bookmarked this site to go back to next time I need a loan...





http://www.knowledged.info/go.php?link=a...





Take care.
Reply:First, buy an inexpensive car. Get a car that you will own atleast 6-10 years. The price of the car is half of the battle.





A good amount is to try to pay 1/3 or 1/2 down on the car (if you trade in your old car). Just because you can afford $300 doesn't mean you have to spend that. There are some car payments for reasonable cars or used certified (with a long warranty) with a $180 payment.





People are losing their houses because rates are going up and they can't pay the increase. Think of the people who say "I can afford 1500 per month". They go get a house that has a payment of $1500 per month. A year later rates go up and the price goes to $2000. The person loses their home.





Just don't spread yourself too thin.
Reply:The answer depends on several variables such as what interest rate you qualify for, and how long you intend to finance. On a 5 year note with the average interest rate, you could finance 15k and be just under 300 per month. 4 years brings you down to around 12k. 3 years would be around 9k. Again, all of this assumes you have decent credit.
Reply:There are many things to consider. First, how fast do you want to pay the car off ? the longer the term (4-5 years) the more interest you will pay but the payment will be lower. Second, your credit? If your credit is good the interest rate will be lower allowing you to buy a more expensive car. Third, how old are you? insurance rates can vary greatly depending on your age and type of vehicle. Good Luck.
Reply:By your question, I was afraid you were looking at this wrong. Your details show you're not. You've figured out what you can afford. GOOD FOR YOU!!!!! Car dealerships make their money off financing. Do you belong to a credit union? Can you join one? Credit unions are non-profit, so they usually have much better deals. I urge you NOT to finance through a car dealership. I don't know your credit history, and that makes a difference for the kind of interest you will be charged. The correct amount of loan to ask for is the amount that allows you to stick to your monthly budgeted payment. Honestly, honestly, if you remember this simple rule, life will be much better for you.
Reply:Borrow only what you can afford and if you have some money spare use this instead of borrowing the full amount.Always borrow the minimum amount.