What's the monthly payment on a car?

Monthly payment = $545

Total yearly payments = $6,535

Payments by Interest Rate

Interest Rate | Monthly Payment |
---|---|

2.0% | $521 |

3.0% | $531 |

4.0% | $542 |

5.0% | $553 |

6.0% | $564 |

7.0% | $575 |

8.0% | $586 |

9.0% | $597 |

10.0% | $609 |

Payments by Amount Down

Down | Monthly Payment |
---|---|

$0 | $681 |

$1,000 | $658 |

$2,500 | $624 |

$5,000 | $567 |

$7,500 | $511 |

$10,000 | $454 |

Payments by Loan Length

Length | Payment |
---|---|

24 months | $1,045 |

36 months | $711 |

48 months | $545 |

60 months | $445 |

72 months | $378 |

84 months | $331 |

Can I afford a $30,000 car?

Is your salary enough to buy a $30,000 vehicle? A general rule of thumb for buying a car or truck is the 20 / 4 / 10 rule.

- Make a down payment of at least 20% cash. For a $30,000 vehicle, this would mean saving up $6,000.
- Pay back the loan in 4 years or less.
- Don't spend more than 10% of your income on payments and insurance. Rough estimate: your annual income should be at least 2.5 times the purchase price. So to afford a car that costs $30,000, you would need to make at least $75,000 per year.