$28,500 Car Loan

What's the monthly payment on a $28,500 car?
$
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%
Monthly payment = $517
Total yearly payments = $6,208
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $495
3.0% $505
4.0% $515
5.0% $525
6.0% $535
7.0% $546
8.0% $557
9.0% $567
10.0% $578
Payments by Amount Down
Down Monthly Payment
$0 $647
$1,000 $624
$2,500 $590
$5,000 $533
$7,500 $477
$10,000 $420
Payments by Loan Length
Length Payment
24 months $993
36 months $676
48 months $517
60 months $422
72 months $359
84 months $314

Can I afford a $28,500 car?

Is your salary enough to buy a $28,500 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 $28,500 vehicle, this would mean saving up $5,700.
  • 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 $28,500, you would need to make at least $71,250 per year.