$16,100 Car Loan

What's the monthly payment on a $16,100 car?
$
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%
Monthly payment = $292
Total yearly payments = $3,507
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $279
3.0% $285
4.0% $291
5.0% $297
6.0% $302
7.0% $308
8.0% $314
9.0% $321
10.0% $327
Payments by Amount Down
Down Monthly Payment
$0 $365
$1,000 $343
$2,000 $320
$3,000 $297
$4,000 $275
$5,000 $252
Payments by Loan Length
Length Payment
24 months $561
36 months $382
48 months $292
60 months $239
72 months $203
84 months $178

Can I afford a $16,100 car?

Is your salary enough to buy a $16,100 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 $16,100 vehicle, this would mean saving up $3,220.
  • 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 $16,100, you would need to make at least $40,250 per year.