$16,300 Car Loan

What's the monthly payment on a $16,300 car?
$
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%
Monthly payment = $296
Total yearly payments = $3,551
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $283
3.0% $289
4.0% $294
5.0% $300
6.0% $306
7.0% $312
8.0% $318
9.0% $325
10.0% $331
Payments by Amount Down
Down Monthly Payment
$0 $370
$1,000 $347
$2,000 $324
$3,000 $302
$4,000 $279
$5,000 $256
Payments by Loan Length
Length Payment
24 months $568
36 months $386
48 months $296
60 months $242
72 months $206
84 months $180

Can I afford a $16,300 car?

Is your salary enough to buy a $16,300 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 $16,300 vehicle, this would mean saving up $3,260.
  • 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 $16,300, you would need to make at least $40,750 per year.