$11,200 Car Loan

What's the monthly payment on a $11,200 car?
$
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%
Monthly payment = $203
Total yearly payments = $2,440
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $194
3.0% $198
4.0% $202
5.0% $206
6.0% $210
7.0% $215
8.0% $219
9.0% $223
10.0% $227
Payments by Amount Down
Down Monthly Payment
$0 $254
$1,000 $231
$2,000 $209
$3,000 $186
$4,000 $163
$5,000 $141
Payments by Loan Length
Length Payment
24 months $390
36 months $266
48 months $203
60 months $166
72 months $141
84 months $124

Can I afford a $11,200 car?

Is your salary enough to buy a $11,200 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 $11,200 vehicle, this would mean saving up $2,240.
  • 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 $11,200, you would need to make at least $28,000 per year.