$12,400 Car Loan

What's the monthly payment on a $12,400 car?
$
$
%
Monthly payment = $225
Total yearly payments = $2,701
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $215
3.0% $220
4.0% $224
5.0% $228
6.0% $233
7.0% $238
8.0% $242
9.0% $247
10.0% $252
Payments by Amount Down
Down Monthly Payment
$0 $281
$1,000 $259
$2,000 $236
$3,000 $213
$4,000 $191
$5,000 $168
Payments by Loan Length
Length Payment
24 months $432
36 months $294
48 months $225
60 months $184
72 months $156
84 months $137

Can I afford a $12,400 car?

Is your salary enough to buy a $12,400 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 $12,400 vehicle, this would mean saving up $2,480.
  • 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 $12,400, you would need to make at least $31,000 per year.