$28,200 Car Loan

What's the monthly payment on a $28,200 car?
$
$
%
Monthly payment = $512
Total yearly payments = $6,143
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $489
3.0% $499
4.0% $509
5.0% $520
6.0% $530
7.0% $540
8.0% $551
9.0% $561
10.0% $572
Payments by Amount Down
Down Monthly Payment
$0 $640
$1,000 $617
$2,500 $583
$5,000 $526
$7,500 $470
$10,000 $413
Payments by Loan Length
Length Payment
24 months $982
36 months $669
48 months $512
60 months $418
72 months $356
84 months $311

Can I afford a $28,200 car?

Is your salary enough to buy a $28,200 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 $28,200 vehicle, this would mean saving up $5,640.
  • 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 $28,200, you would need to make at least $70,500 per year.