$16,700 Car Loan

What's the monthly payment on a $16,700 car?
$
$
%
Monthly payment = $303
Total yearly payments = $3,638
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $290
3.0% $296
4.0% $302
5.0% $308
6.0% $314
7.0% $320
8.0% $326
9.0% $332
10.0% $339
Payments by Amount Down
Down Monthly Payment
$0 $379
$1,000 $356
$2,000 $334
$3,000 $311
$4,000 $288
$5,000 $265
Payments by Loan Length
Length Payment
24 months $582
36 months $396
48 months $303
60 months $248
72 months $211
84 months $184

Can I afford a $16,700 car?

Is your salary enough to buy a $16,700 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 $16,700 vehicle, this would mean saving up $3,340.
  • 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 $16,700, you would need to make at least $41,750 per year.