$11,000 Car Loan

What's the monthly payment on a $11,000 car or truck?
Purchase Price
$
Down Payment
$
Interest Rate
%
Loan Term
After down payment, the auto loan will be $8,800.
At 5.95% interest with a 48 month loan:
Monthly payment = $206
Total yearly payments = $2,478
Payments by Interest Rate
Interest Rate Monthly
2.0% $191
3.0% $195
4.0% $199
5.0% $203
6.0% $207
7.0% $211
8.0% $215
9.0% $219
10.0% $223
Payments by Amount Down
Down Monthly
$0 $258
$1,000 $235
$2,000 $211
$3,000 $188
$4,000 $164
$5,000 $141
Payments by Loan Length
Length Monthly
24 months $390
36 months $268
48 months $206
60 months $170
72 months $146
84 months $128
Can I afford a $11,000 car?
What's the salary needed for a $11,000 vehicle? A general rule of thumb for buying a car or truck is the 20 / 4 / 10 rule.
20 / 4 / 10 Rule:
  • Make a down payment of at least 20% cash. For a $11,000 vehicle, this would mean saving up $2,200.
  • 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 $11,000, you would need to make at least $27,500 per year.
Yearly Household Spending on Transportation
Source: U.S. Bureau of Labor Statistics, 2018–2019
Metro Area Spending
Washington, D.C.$13,646
Anchorage$13,313
Baltimore$13,255
Phoenix$12,525
Houston$12,352
Denver$12,331
Boston$11,779
San Diego$11,704
Seattle$11,506
Detroit$11,260
Philadelphia$11,136
St. Louis$11,123
San Francisco$11,103
Minneapolis$11,049
Los Angeles$10,959
Miami$10,915
Tampa$10,692
Dallas$10,472
Atlanta$9,862
New York$9,255
Chicago$9,084
Honolulu$8,403