$1,200 Car Loan

What's the monthly payment on a $1,200 car?
$
$
%
Monthly payment = $22
Total yearly payments = $261
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $21
3.0% $21
4.0% $22
5.0% $22
6.0% $23
7.0% $23
8.0% $23
9.0% $24
10.0% $24
Payments by Amount Down
Down Monthly Payment
$0 $27
$100 $25
$200 $23
$400 $18
$600 $14
$800 $9
Payments by Loan Length
Length Payment
24 months $42
36 months $28
48 months $22
60 months $18
72 months $15
84 months $13

Can I afford a $1,200 car?

Is your salary enough to buy a $1,200 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 $1,200 vehicle, this would mean saving up $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 $1,200, you would need to make at least $3,000 per year.