Income Requirements

Finance Questions
March 13, 2018

One of the biggest questions we get is, "How much do I need to make?"

That is a big question. 

That number depends on several things such as:

Debt-Servicing

Debt-servicing is how much you are currently paying out each month as a percentage of your total after- tax income. So if you are making $3000 per month and your expenses ar $1500 per month, your debt-servicing ratio is 50%. If your expenses in the above scenario were $2700 per month, your debt-servicing would be 90% and the lenders would deem that you can't afford a vehicle. Makes sense, right? We don't want to buying something you can't afford.

 

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