Can You Afford A New Car? | The 20/4/10 Rule Explained
The best way to buy a car is none other than the 20/4/10 rule. The 20/4/10 rule advises on the amount of down payment, monthly vehicle payment period, and monthly transportation expenditures when purchasing a car. Financial professionals devised this rule to assist people in buying a vehicle with the least amount of risk.
⏱ Time Stamps:
00:00 Intro
01:25 Using the 20/4/10 Rule
02:08 How Does the 20/4/10 Rule Work?
02:45 Rule #1 Put Down 20%
03:42 Why A Down Payment?
04:18 Rule #2 Finance For 4 Years
05:41 Keep Total Costs Under 10%
06:40 Advantages of 20/4/10 Rule
07:22 Drawbacks
#personalfinance #wealthworkshop #howtobuyacar
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DISCLAIMER: None of this is meant to be construed as investment advice. We are not financial advisers. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share our own opinions with no guarantee of gains or losses.
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