$20,700 Car Loan

What's the monthly payment on a $20,700 car?
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Monthly payment = $376
Total yearly payments = $4,509
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $359
3.0% $367
4.0% $374
5.0% $381
6.0% $389
7.0% $397
8.0% $404
9.0% $412
10.0% $420
Payments by Amount Down
Down Monthly Payment
$0 $470
$1,000 $447
$2,500 $413
$5,000 $356
$7,500 $300
$10,000 $243
Payments by Loan Length
Length Payment
24 months $721
36 months $491
48 months $376
60 months $307
72 months $261
84 months $228

Can I afford a $20,700 car?

Is your salary enough to buy a $20,700 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 $20,700 vehicle, this would mean saving up $4,140.
  • 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 $20,700, you would need to make at least $51,750 per year.