$12,300 Car Loan

What's the monthly payment on a $12,300 car?
$
$
%
Monthly payment = $223
Total yearly payments = $2,679
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $213
3.0% $218
4.0% $222
5.0% $227
6.0% $231
7.0% $236
8.0% $240
9.0% $245
10.0% $250
Payments by Amount Down
Down Monthly Payment
$0 $279
$1,000 $256
$2,000 $234
$3,000 $211
$4,000 $188
$5,000 $166
Payments by Loan Length
Length Payment
24 months $428
36 months $292
48 months $223
60 months $182
72 months $155
84 months $136

Can I afford a $12,300 car?

Is your salary enough to buy a $12,300 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 $12,300 vehicle, this would mean saving up $2,460.
  • 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 $12,300, you would need to make at least $30,750 per year.