$20,500 Car Loan

What's the monthly payment on a $20,500 car?
$
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%
Monthly payment = $372
Total yearly payments = $4,466
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $356
3.0% $363
4.0% $370
5.0% $378
6.0% $385
7.0% $393
8.0% $400
9.0% $408
10.0% $416
Payments by Amount Down
Down Monthly Payment
$0 $465
$1,000 $442
$2,500 $408
$5,000 $352
$7,500 $295
$10,000 $238
Payments by Loan Length
Length Payment
24 months $714
36 months $486
48 months $372
60 months $304
72 months $258
84 months $226

Can I afford a $20,500 car?

Is your salary enough to buy a $20,500 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 $20,500 vehicle, this would mean saving up $4,100.
  • 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 $20,500, you would need to make at least $51,250 per year.