$116,000 Car Loan

What's the monthly payment on a $116,000 car or truck?
Purchase Price
$
Down Payment
$
Interest Rate
%
Loan Term
After down payment, the auto loan will be $92,800.
At 5.95% interest with a 48 month loan:
Monthly payment = $2,177
Total yearly payments = $26,127
Payments by Interest Rate
Interest Rate Monthly
2.0% $2,013
3.0% $2,054
4.0% $2,095
5.0% $2,137
6.0% $2,179
7.0% $2,222
8.0% $2,266
9.0% $2,309
10.0% $2,354
Payments by Amount Down
Down Monthly
$0 $2,722
$2,000 $2,675
$5,000 $2,604
$8,000 $2,534
$10,000 $2,487
$15,000 $2,370
Payments by Loan Length
Length Monthly
24 months $4,111
36 months $2,821
48 months $2,177
60 months $1,792
72 months $1,536
84 months $1,353
Can I afford a $116,000 car?
What's the salary needed for a $116,000 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 $116,000 vehicle, this would mean saving up $23,200.
  • 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 $116,000, you would need to make at least $290,000 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