$23,700 Car Loan

What's the monthly payment on a $23,700 car?
$
$
%
Monthly payment = $430
Total yearly payments = $5,163
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $411
3.0% $420
4.0% $428
5.0% $437
6.0% $445
7.0% $454
8.0% $463
9.0% $472
10.0% $481
Payments by Amount Down
Down Monthly Payment
$0 $538
$1,000 $515
$2,500 $481
$5,000 $424
$7,500 $368
$10,000 $311
Payments by Loan Length
Length Payment
24 months $825
36 months $562
48 months $430
60 months $351
72 months $299
84 months $261

Can I afford a $23,700 car?

Is your salary enough to buy a $23,700 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 $23,700 vehicle, this would mean saving up $4,740.
  • 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 $23,700, you would need to make at least $59,250 per year.