$1,500 Car Loan

What's the monthly payment on a $1,500 car?
$
$
%
Monthly payment = $27
Total yearly payments = $327
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $26
3.0% $27
4.0% $27
5.0% $28
6.0% $28
7.0% $29
8.0% $29
9.0% $30
10.0% $30
Payments by Amount Down
Down Monthly Payment
$0 $34
$100 $32
$200 $29
$400 $25
$600 $20
$800 $16
Payments by Loan Length
Length Payment
24 months $52
36 months $36
48 months $27
60 months $22
72 months $19
84 months $17

Can I afford a $1,500 car?

Is your salary enough to buy a $1,500 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 $1,500 vehicle, this would mean saving up $300.
  • 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 $1,500, you would need to make at least $3,750 per year.