$1,600 Car Loan

What's the monthly payment on a $1,600 car?
$
$
%
Monthly payment = $29
Total yearly payments = $349
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $28
3.0% $28
4.0% $29
5.0% $29
6.0% $30
7.0% $31
8.0% $31
9.0% $32
10.0% $32
Payments by Amount Down
Down Monthly Payment
$0 $36
$100 $34
$200 $32
$400 $27
$600 $23
$800 $18
Payments by Loan Length
Length Payment
24 months $56
36 months $38
48 months $29
60 months $24
72 months $20
84 months $18

Can I afford a $1,600 car?

Is your salary enough to buy a $1,600 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 $1,600 vehicle, this would mean saving up $320.
  • 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 $1,600, you would need to make at least $4,000 per year.