$20,400 Car Loan

What's the monthly payment on a $20,400 car?
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%
Monthly payment = $370
Total yearly payments = $4,444
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $354
3.0% $361
4.0% $368
5.0% $376
6.0% $383
7.0% $391
8.0% $398
9.0% $406
10.0% $414
Payments by Amount Down
Down Monthly Payment
$0 $463
$1,000 $440
$2,500 $406
$5,000 $349
$7,500 $293
$10,000 $236
Payments by Loan Length
Length Payment
24 months $711
36 months $484
48 months $370
60 months $302
72 months $257
84 months $225

Can I afford a $20,400 car?

Is your salary enough to buy a $20,400 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 $20,400 vehicle, this would mean saving up $4,080.
  • 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 $20,400, you would need to make at least $51,000 per year.