How much car can I afford? – DC News Now | Washington, DC

(iSeeCars) – The average new car costs $43,528, while the average one- to five-year-old used car costs $34,291 according to the latest iSeeCars data. While used cars are significantly cheaper than new cars, both are still a major expense. That’s why it’s important to set a realistic budget and determine how much money you can afford to pay for your new — or new to you — car. We have the answers to help you determine that age-old question: how much car can I afford?

1. Determine Your Credit Score

Unless you’re paying for your car in full, you’ll need to secure a car loan. The first step toward getting a car loan and figuring out how much you can afford to pay is determining your credit score. This can also be referred to as your “FICO score” and is a numerical representation of your credit history. The three major credit reporting agencies – Equifax, Experian, and TransUnion – can each provide you with your FICO credit score. Another option is to check with your bank or credit card…

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