$16,000 Car Loan

What's the monthly payment on a $16,000 car?
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Monthly payment = $290
Total yearly payments = $3,485
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $278
3.0% $283
4.0% $289
5.0% $295
6.0% $301
7.0% $307
8.0% $312
9.0% $319
10.0% $325
Payments by Amount Down
Down Monthly Payment
$0 $363
$1,000 $340
$2,000 $318
$3,000 $295
$4,000 $272
$5,000 $250
Payments by Loan Length
Length Payment
24 months $557
36 months $379
48 months $290
60 months $237
72 months $202
84 months $176

Can I afford a $16,000 car?

Is your salary enough to buy a $16,000 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 $16,000 vehicle, this would mean saving up $3,200.
  • 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 $16,000, you would need to make at least $40,000 per year.