Be careful not to spend more than you can afford to repay! Your ability to make your monthly payments is something that auto loan lenders are extremely concerned about. Lenders would much prefer to have you make all of your payments on time and eventually pay off your loan instead of you missing payments, defaulting on your loan, and having the vehicle repossessed. This will help you to improve the state of your credit, getting you a good deal the next time you need to borrow money. A good rule of thumb is to spend a maximum of 10%-15% of your take-home pay for the month on your car payment.