$16,200 Car Loan

What's the monthly payment on a $16,200 car?
$
$
%
Monthly payment = $294
Total yearly payments = $3,529
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $281
3.0% $287
4.0% $293
5.0% $298
6.0% $304
7.0% $310
8.0% $316
9.0% $323
10.0% $329
Payments by Amount Down
Down Monthly Payment
$0 $368
$1,000 $345
$2,000 $322
$3,000 $300
$4,000 $277
$5,000 $254
Payments by Loan Length
Length Payment
24 months $564
36 months $384
48 months $294
60 months $240
72 months $204
84 months $179

Can I afford a $16,200 car?

Is your salary enough to buy a $16,200 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 $16,200 vehicle, this would mean saving up $3,240.
  • 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 $16,200, you would need to make at least $40,500 per year.