$20,000 Car Loan

What's the monthly payment on a $20,000 car?
$
$
%
Monthly payment = $363
Total yearly payments = $4,357
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $347
3.0% $354
4.0% $361
5.0% $368
6.0% $376
7.0% $383
8.0% $391
9.0% $398
10.0% $406
Payments by Amount Down
Down Monthly Payment
$0 $454
$1,000 $431
$2,000 $408
$3,000 $386
$4,000 $363
$5,000 $340
Payments by Loan Length
Length Payment
24 months $697
36 months $474
48 months $363
60 months $296
72 months $252
84 months $221

Can I afford a $20,000 car?

Is your salary enough to buy a $20,000 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 $20,000 vehicle, this would mean saving up $4,000.
  • 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 $20,000, you would need to make at least $50,000 per year.