$23,500 Car Loan

What's the monthly payment on a $23,500 car?
$
$
%
Monthly payment = $427
Total yearly payments = $5,119
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $408
3.0% $416
4.0% $424
5.0% $433
6.0% $442
7.0% $450
8.0% $459
9.0% $468
10.0% $477
Payments by Amount Down
Down Monthly Payment
$0 $533
$1,000 $511
$2,500 $477
$5,000 $420
$7,500 $363
$10,000 $306
Payments by Loan Length
Length Payment
24 months $818
36 months $557
48 months $427
60 months $348
72 months $296
84 months $259

Can I afford a $23,500 car?

Is your salary enough to buy a $23,500 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 $23,500 vehicle, this would mean saving up $4,700.
  • 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 $23,500, you would need to make at least $58,750 per year.