$24,700 Car Loan

What's the monthly payment on a $24,700 car?
$
$
%
Monthly payment = $448
Total yearly payments = $5,381
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $429
3.0% $437
4.0% $446
5.0% $455
6.0% $464
7.0% $473
8.0% $482
9.0% $492
10.0% $501
Payments by Amount Down
Down Monthly Payment
$0 $560
$1,000 $538
$2,500 $504
$5,000 $447
$7,500 $390
$10,000 $334
Payments by Loan Length
Length Payment
24 months $860
36 months $586
48 months $448
60 months $366
72 months $311
84 months $272

Can I afford a $24,700 car?

Is your salary enough to buy a $24,700 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 $24,700 vehicle, this would mean saving up $4,940.
  • 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 $24,700, you would need to make at least $61,750 per year.