$20,600 Car Loan

What's the monthly payment on a $20,600 car?
$
$
%
Monthly payment = $374
Total yearly payments = $4,487
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $358
3.0% $365
4.0% $372
5.0% $380
6.0% $387
7.0% $395
8.0% $402
9.0% $410
10.0% $418
Payments by Amount Down
Down Monthly Payment
$0 $467
$1,000 $445
$2,500 $411
$5,000 $354
$7,500 $297
$10,000 $241
Payments by Loan Length
Length Payment
24 months $717
36 months $488
48 months $374
60 months $305
72 months $260
84 months $227

Can I afford a $20,600 car?

Is your salary enough to buy a $20,600 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 $20,600 vehicle, this would mean saving up $4,120.
  • 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 $20,600, you would need to make at least $51,500 per year.