$24,000 Car Loan

What's the monthly payment on a $24,000 car?
$
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%
Monthly payment = $436
Total yearly payments = $5,228
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $417
3.0% $425
4.0% $434
5.0% $442
6.0% $451
7.0% $460
8.0% $469
9.0% $478
10.0% $487
Payments by Amount Down
Down Monthly Payment
$0 $545
$1,000 $522
$2,500 $488
$5,000 $431
$7,500 $374
$10,000 $318
Payments by Loan Length
Length Payment
24 months $836
36 months $569
48 months $436
60 months $356
72 months $303
84 months $265

Can I afford a $24,000 car?

Is your salary enough to buy a $24,000 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 $24,000 vehicle, this would mean saving up $4,800.
  • 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 $24,000, you would need to make at least $60,000 per year.