$24,800 Car Loan

What's the monthly payment on a $24,800 car?
$
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%
Monthly payment = $450
Total yearly payments = $5,402
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $430
3.0% $439
4.0% $448
5.0% $457
6.0% $466
7.0% $475
8.0% $484
9.0% $494
10.0% $503
Payments by Amount Down
Down Monthly Payment
$0 $563
$1,000 $540
$2,500 $506
$5,000 $449
$7,500 $393
$10,000 $336
Payments by Loan Length
Length Payment
24 months $864
36 months $588
48 months $450
60 months $368
72 months $313
84 months $273

Can I afford a $24,800 car?

Is your salary enough to buy a $24,800 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 $24,800 vehicle, this would mean saving up $4,960.
  • 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 $24,800, you would need to make at least $62,000 per year.