$23,000 Car Loan

What's the monthly payment on a $23,000 car?
$
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%
Monthly payment = $418
Total yearly payments = $5,010
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $399
3.0% $407
4.0% $415
5.0% $424
6.0% $432
7.0% $441
8.0% $449
9.0% $458
10.0% $467
Payments by Amount Down
Down Monthly Payment
$0 $522
$1,000 $499
$2,500 $465
$5,000 $408
$7,500 $352
$10,000 $295
Payments by Loan Length
Length Payment
24 months $801
36 months $545
48 months $418
60 months $341
72 months $290
84 months $254

Can I afford a $23,000 car?

Is your salary enough to buy a $23,000 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 $23,000 vehicle, this would mean saving up $4,600.
  • 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 $23,000, you would need to make at least $57,500 per year.