$12,000 Car Loan

What's the monthly payment on a $12,000 car?
$
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%
Monthly payment = $218
Total yearly payments = $2,614
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $208
3.0% $212
4.0% $217
5.0% $221
6.0% $225
7.0% $230
8.0% $234
9.0% $239
10.0% $243
Payments by Amount Down
Down Monthly Payment
$0 $272
$1,000 $250
$2,000 $227
$3,000 $204
$4,000 $182
$5,000 $159
Payments by Loan Length
Length Payment
24 months $418
36 months $284
48 months $218
60 months $178
72 months $151
84 months $132

Can I afford a $12,000 car?

Is your salary enough to buy a $12,000 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 $12,000 vehicle, this would mean saving up $2,400.
  • 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 $12,000, you would need to make at least $30,000 per year.