$28,300 Car Loan

What's the monthly payment on a $28,300 car?
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%
Monthly payment = $514
Total yearly payments = $6,165
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $491
3.0% $501
4.0% $511
5.0% $521
6.0% $532
7.0% $542
8.0% $553
9.0% $563
10.0% $574
Payments by Amount Down
Down Monthly Payment
$0 $642
$1,000 $619
$2,500 $585
$5,000 $529
$7,500 $472
$10,000 $415
Payments by Loan Length
Length Payment
24 months $986
36 months $671
48 months $514
60 months $420
72 months $357
84 months $312

Can I afford a $28,300 car?

Is your salary enough to buy a $28,300 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 $28,300 vehicle, this would mean saving up $5,660.
  • 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 $28,300, you would need to make at least $70,750 per year.