$1,600 Car Loan
What's the monthly payment on a $1,600 car or truck?
After down payment, the auto loan will be $1,280.
At 5.95% interest with a 48 month loan:
Monthly payment = $30
Total yearly payments = $360
Payments by Interest Rate
Payments by Amount Down
Down |
Monthly |
$0 |
$38 |
$100 |
$35 |
$200 |
$33 |
$400 |
$28 |
$600 |
$23 |
$800 |
$19 |
Can I afford a $1,600 car?
What's the salary needed for a $1,600 vehicle? A general rule of thumb for buying a car or truck is the 20 / 4 / 10 rule.
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.
Yearly Household Spending on Transportation
Metro Area |
Spending |
Washington, D.C. | $13,646 |
Anchorage | $13,313 |
Baltimore | $13,255 |
Phoenix | $12,525 |
Houston | $12,352 |
Denver | $12,331 |
Boston | $11,779 |
San Diego | $11,704 |
Seattle | $11,506 |
Detroit | $11,260 |
Philadelphia | $11,136 |
St. Louis | $11,123 |
San Francisco | $11,103 |
Minneapolis | $11,049 |
Los Angeles | $10,959 |
Miami | $10,915 |
Tampa | $10,692 |
Dallas | $10,472 |
Atlanta | $9,862 |
New York | $9,255 |
Chicago | $9,084 |
Honolulu | $8,403 |