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As with any car loan, you need to budget for more than just your monthly car payment. Having bad credit means it's even more important to understand the total monthly expenses that are part of car ownership.

Here are some key examples:

1. Insurance
A major expense that many individuals fail to budget enough money for is car insurance. If a vehicle is being financed, the lender will require that you have full coverage insurance.

2. Consider fuel economy
Setting your sights on a smaller economy sized vehicle will save you money on fuel cost and lower your overall monthly expenses.

3. Maintenance costs
If you're buying a new car, be sure to check the length of the new car warranty. If it doesn't cover the entire term of your finance contract, you may want to consider extending the warranty.

If you're buying a used car, an extended warranty should be considered unless you're able to set aside funds each month for unexpected repair bills.

So remember, insurance, fuel and maintenance costs are all things that need to be included in your monthly vehicle budget along with your car payment.