$16,500 Car Loan

What's the monthly payment on a $16,500 car?
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Monthly payment = $300
Total yearly payments = $3,594
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $286
3.0% $292
4.0% $298
5.0% $304
6.0% $310
7.0% $316
8.0% $322
9.0% $328
10.0% $335
Payments by Amount Down
Down Monthly Payment
$0 $374
$1,000 $352
$2,000 $329
$3,000 $306
$4,000 $284
$5,000 $261
Payments by Loan Length
Length Payment
24 months $575
36 months $391
48 months $300
60 months $245
72 months $208
84 months $182

Can I afford a $16,500 car?

Is your salary enough to buy a $16,500 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 $16,500 vehicle, this would mean saving up $3,300.
  • 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 $16,500, you would need to make at least $41,250 per year.