$23,400 Car Loan

What's the monthly payment on a $23,400 car?
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%
Monthly payment = $425
Total yearly payments = $5,097
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $406
3.0% $414
4.0% $423
5.0% $431
6.0% $440
7.0% $448
8.0% $457
9.0% $466
10.0% $475
Payments by Amount Down
Down Monthly Payment
$0 $531
$1,000 $508
$2,500 $474
$5,000 $418
$7,500 $361
$10,000 $304
Payments by Loan Length
Length Payment
24 months $815
36 months $555
48 months $425
60 months $347
72 months $295
84 months $258

Can I afford a $23,400 car?

Is your salary enough to buy a $23,400 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 $23,400 vehicle, this would mean saving up $4,680.
  • 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 $23,400, you would need to make at least $58,500 per year.