Fixed rate loan payments remain the same throughout the life of the loan. Variable rate loans are tied to a market index, so rates and payment amounts could vary over time.

The interest rate you receive is based on your credit score. The lowest rates are given to customers with a credit score of 680 or higher.

Your monthly debt payments divided by your gross total monthly income calculates your debt-to-income ratio. This ratio is used in determining the credit limit and monthly payment you qualify for.

A good rule of thumb is to borrow the amount you can comfortably afford, not the amount you qualify for. Otherwise, this could leave you in a pinch with day-to-day expenses.