$1,300 Car Loan

What's the monthly payment on a $1,300 car?
$
$
%
Monthly payment = $24
Total yearly payments = $283
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $23
3.0% $23
4.0% $23
5.0% $24
6.0% $24
7.0% $25
8.0% $25
9.0% $26
10.0% $26
Payments by Amount Down
Down Monthly Payment
$0 $29
$100 $27
$200 $25
$400 $20
$600 $16
$800 $11
Payments by Loan Length
Length Payment
24 months $45
36 months $31
48 months $24
60 months $19
72 months $16
84 months $14

Can I afford a $1,300 car?

Is your salary enough to buy a $1,300 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 $1,300 vehicle, this would mean saving up $260.
  • 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 $1,300, you would need to make at least $3,250 per year.