Quote:
Originally Posted by Homeslice
$90K divided by a 5 year loan is $18K/year, and that's not including interest. Even if they were 6-year loans, it's still $15K/year.
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90 thou at 6 pct for 72 mon is 1491.56 per mo or 17898.72 per yr.
45 Thou at 6 pct for 72 mo is 745.78 per mo and 8949.36 annually.
I think to afford the 90 thou 2 car scheme you would have to be near the upper metric from this article in order to meet a typical 36 pct debt to income ratio most banks use as a rule of thumb...
The second scheme is much more plausible.