If you are thinking of buying a car, one of the first things you should do is to come up with a budget for the purchase. Otherwise, you might end up with a car that you cannot afford and either lose it to the financier or keep it parked all the time because you can't afford to drive it. Below are some critical factors to consider when coming up with the budget for a used Nissan Altima for sale or another vehicle.

Down Payment

You don't need a down payment to buy a car, but it certainly helps to have it. The down payment can help you negotiate better finance rates, take a smaller loan, make smaller monthly payments, and complete your car loan repayment faster than you would without the down payment. Down payments are usually at least 20% of the value of the car.

Loan Repayments

Even if you can afford a down payment, you should still not forget about the monthly repayments. Your income, debts, and obligations determine how much of your disposable income you can use towards the car payments. Err on the side of caution and don't go for gigantic payments that require you to stretch your finances every month. You don't want the financier to repose your car because you can't afford the payments.

Repair and Maintenance Costs

Every car requires regular maintenance; even brand new cars require regular maintenance. There is also the risk of breakdowns and damages that will require repairs and part replacements. Think about these costs when buying a car. Otherwise, you might end up parking your car most of the time because it is not roadworthy.

The make and model of a car is the top factor that determines the cost of repairs and maintenance. Other relevant factors include the trim level, the rarity of the replacement parts, the cost of the car, the size of the car, the reliability of the car, among other factors.

Insurance Costs

Lastly, you should also consider the insurance costs of the car. Although your driving history and other personal factors are some of the major influences of insurance premiums, the car you drive matters too. The value of the car, its reliability, power, and safety history are some of the aspects of your car that determine its insurance costs.

Once you have your budget in place, make your purchase from a reputable dealer to safeguard your investment. Otherwise, you might end up with a lemon and lose your money.