$2,200 Car Loan

What's the monthly payment on a $2,200 car?
$
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%
Monthly payment = $40
Total yearly payments = $479
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $38
3.0% $39
4.0% $40
5.0% $41
6.0% $41
7.0% $42
8.0% $43
9.0% $44
10.0% $45
Payments by Amount Down
Down Monthly Payment
$0 $50
$200 $45
$400 $41
$800 $32
$1,200 $23
$2,000 $5
Payments by Loan Length
Length Payment
24 months $77
36 months $52
48 months $40
60 months $33
72 months $28
84 months $24

Can I afford a $2,200 car?

Is your salary enough to buy a $2,200 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 $2,200 vehicle, this would mean saving up $440.
  • 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 $2,200, you would need to make at least $5,500 per year.