$20,200 Car Loan

What's the monthly payment on a $20,200 car?
$
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%
Monthly payment = $367
Total yearly payments = $4,400
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $351
3.0% $358
4.0% $365
5.0% $372
6.0% $380
7.0% $387
8.0% $395
9.0% $402
10.0% $410
Payments by Amount Down
Down Monthly Payment
$0 $458
$1,000 $436
$2,500 $402
$5,000 $345
$7,500 $288
$10,000 $231
Payments by Loan Length
Length Payment
24 months $704
36 months $479
48 months $367
60 months $299
72 months $255
84 months $223

Can I afford a $20,200 car?

Is your salary enough to buy a $20,200 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 $20,200 vehicle, this would mean saving up $4,040.
  • 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 $20,200, you would need to make at least $50,500 per year.