$1,000 Car Loan

What's the monthly payment on a $1,000 car?
$
$
%
Monthly payment = $18
Total yearly payments = $218
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $17
3.0% $18
4.0% $18
5.0% $18
6.0% $19
7.0% $19
8.0% $20
9.0% $20
10.0% $20
Payments by Amount Down
Down Monthly Payment
$0 $23
$100 $20
$200 $18
$400 $14
$600 $9
$800 $5
Payments by Loan Length
Length Payment
24 months $35
36 months $24
48 months $18
60 months $15
72 months $13
84 months $11

Can I afford a $1,000 car?

Is your salary enough to buy a $1,000 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 $1,000 vehicle, this would mean saving up $200.
  • 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 $1,000, you would need to make at least $2,500 per year.