$15,500 Car Loan

What's the monthly payment on a $15,500 car?
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%
Monthly payment = $281
Total yearly payments = $3,376
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $269
3.0% $274
4.0% $280
5.0% $286
6.0% $291
7.0% $297
8.0% $303
9.0% $309
10.0% $314
Payments by Amount Down
Down Monthly Payment
$0 $352
$1,000 $329
$2,000 $306
$3,000 $284
$4,000 $261
$5,000 $238
Payments by Loan Length
Length Payment
24 months $540
36 months $367
48 months $281
60 months $230
72 months $195
84 months $171

Can I afford a $15,500 car?

Is your salary enough to buy a $15,500 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 $15,500 vehicle, this would mean saving up $3,100.
  • 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 $15,500, you would need to make at least $38,750 per year.