Online road tax payment

When it comes to budgeting for a new car, make sure you consider more than just the sticker price. Other expenses like interest, taxes, insurance, gasoline, and maintenance all impact what you'll pay upfront and each month.

As you calculate the total monthly car costs you can afford, consider these factors before signing on the dotted line for a new car.

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Financing

If you finance your car instead of purchasing it in full, you'll likely incur extra costs in the form of interest. Depending on the loan term and other factors, the interest rate can vary. All other credit terms being equal, you can usually lower your interest costs in a few ways:

• A large down payment will help reduce the amount that you are financing and therefore the total interest you'll incur, which will also lower your monthly payments.

• Loan terms with a shorter repayment period typically involve higher monthly payments but allocate more of your monthly payment to principal, so you may pay less in interest.
• Compare multiple dealerships and their
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