$2,300 Car Loan

What's the monthly payment on a $2,300 car?
$
$
%
Monthly payment = $42
Total yearly payments = $501
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $40
3.0% $41
4.0% $42
5.0% $42
6.0% $43
7.0% $44
8.0% $45
9.0% $46
10.0% $47
Payments by Amount Down
Down Monthly Payment
$0 $52
$200 $48
$400 $43
$800 $34
$1,200 $25
$2,000 $7
Payments by Loan Length
Length Payment
24 months $80
36 months $55
48 months $42
60 months $34
72 months $29
84 months $25

Can I afford a $2,300 car?

Is your salary enough to buy a $2,300 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 $2,300 vehicle, this would mean saving up $460.
  • 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 $2,300, you would need to make at least $5,750 per year.