Calculate how much you can afford to spend on a car

Planning to buy a new or used car? Before you decide on a make or model, you should consider how much you can actually afford to pay. Financial experts will tell you to spend less than 10% of your monthly take-home pay on your car payment. This story is part of CNBC Make It's One-Minute Money Hacks series, which provides easy, straightforward tips and tricks to help you understand your finances and take control of your money.