$2,800 Car Loan

What's the monthly payment on a $2,800 car?
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%
Monthly payment = $51
Total yearly payments = $610
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $49
3.0% $50
4.0% $51
5.0% $52
6.0% $53
7.0% $54
8.0% $55
9.0% $56
10.0% $57
Payments by Amount Down
Down Monthly Payment
$0 $64
$200 $59
$400 $54
$800 $45
$1,200 $36
$2,000 $18
Payments by Loan Length
Length Payment
24 months $98
36 months $66
48 months $51
60 months $42
72 months $35
84 months $31

Can I afford a $2,800 car?

Is your salary enough to buy a $2,800 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 $2,800 vehicle, this would mean saving up $560.
  • 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 $2,800, you would need to make at least $7,000 per year.