$28,000 Car Loan

What's the monthly payment on a $28,000 car?
$
$
%
Monthly payment = $508
Total yearly payments = $6,099
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $486
3.0% $496
4.0% $506
5.0% $516
6.0% $526
7.0% $536
8.0% $547
9.0% $557
10.0% $568
Payments by Amount Down
Down Monthly Payment
$0 $635
$1,000 $613
$2,500 $579
$5,000 $522
$7,500 $465
$10,000 $408
Payments by Loan Length
Length Payment
24 months $975
36 months $664
48 months $508
60 months $415
72 months $353
84 months $309

Can I afford a $28,000 car?

Is your salary enough to buy a $28,000 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 $28,000 vehicle, this would mean saving up $5,600.
  • 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 $28,000, you would need to make at least $70,000 per year.