$28,400 Car Loan

What's the monthly payment on a $28,400 car?
$
$
%
Monthly payment = $516
Total yearly payments = $6,187
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $493
3.0% $503
4.0% $513
5.0% $523
6.0% $534
7.0% $544
8.0% $555
9.0% $565
10.0% $576
Payments by Amount Down
Down Monthly Payment
$0 $644
$1,000 $622
$2,500 $588
$5,000 $531
$7,500 $474
$10,000 $418
Payments by Loan Length
Length Payment
24 months $989
36 months $673
48 months $516
60 months $421
72 months $358
84 months $313

Can I afford a $28,400 car?

Is your salary enough to buy a $28,400 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 $28,400 vehicle, this would mean saving up $5,680.
  • 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 $28,400, you would need to make at least $71,000 per year.