$21,500 Car Loan

What's the monthly payment on a $21,500 car?
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Monthly payment = $390
Total yearly payments = $4,683
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $373
3.0% $381
4.0% $388
5.0% $396
6.0% $404
7.0% $412
8.0% $420
9.0% $428
10.0% $436
Payments by Amount Down
Down Monthly Payment
$0 $488
$1,000 $465
$2,500 $431
$5,000 $374
$7,500 $318
$10,000 $261
Payments by Loan Length
Length Payment
24 months $749
36 months $510
48 months $390
60 months $319
72 months $271
84 months $237

Can I afford a $21,500 car?

Is your salary enough to buy a $21,500 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 $21,500 vehicle, this would mean saving up $4,300.
  • 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 $21,500, you would need to make at least $53,750 per year.