Uses the lower of two NCA-style affordability tests, plus the 36% total-debt cap. Default rate assumes a used vehicle with average credit — not a new-car top-tier rate.
The binding constraint is whichever of these gives the lowest answer: the 25% vehicle-instalment guideline (your income caps the instalment), your actual monthly surplus (income minus expenses and debt), or the 36% total-debt cap (your existing debt plus this instalment).
Banks require comprehensive cover on a financed vehicle — it isn't optional. Budgeting only the instalment underbudgets by the insurance premium every month.
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