$16,400 Car Loan

What's the monthly payment on a $16,400 car?
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Monthly payment = $298
Total yearly payments = $3,572
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $285
3.0% $290
4.0% $296
5.0% $302
6.0% $308
7.0% $314
8.0% $320
9.0% $326
10.0% $333
Payments by Amount Down
Down Monthly Payment
$0 $372
$1,000 $349
$2,000 $327
$3,000 $304
$4,000 $281
$5,000 $259
Payments by Loan Length
Length Payment
24 months $571
36 months $389
48 months $298
60 months $243
72 months $207
84 months $181

Can I afford a $16,400 car?

Is your salary enough to buy a $16,400 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 $16,400 vehicle, this would mean saving up $3,280.
  • 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 $16,400, you would need to make at least $41,000 per year.