$12,200 Car Loan

What's the monthly payment on a $12,200 car?
$
$
%
Monthly payment = $221
Total yearly payments = $2,658
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $212
3.0% $216
4.0% $220
5.0% $225
6.0% $229
7.0% $234
8.0% $238
9.0% $243
10.0% $248
Payments by Amount Down
Down Monthly Payment
$0 $277
$1,000 $254
$2,000 $231
$3,000 $209
$4,000 $186
$5,000 $163
Payments by Loan Length
Length Payment
24 months $425
36 months $289
48 months $221
60 months $181
72 months $154
84 months $135

Can I afford a $12,200 car?

Is your salary enough to buy a $12,200 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 $12,200 vehicle, this would mean saving up $2,440.
  • 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 $12,200, you would need to make at least $30,500 per year.