$28,600 Car Loan

What's the monthly payment on a $28,600 car?
$
$
%
Monthly payment = $519
Total yearly payments = $6,230
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $496
3.0% $506
4.0% $517
5.0% $527
6.0% $537
7.0% $548
8.0% $559
9.0% $569
10.0% $580
Payments by Amount Down
Down Monthly Payment
$0 $649
$1,000 $626
$2,500 $592
$5,000 $536
$7,500 $479
$10,000 $422
Payments by Loan Length
Length Payment
24 months $996
36 months $678
48 months $519
60 months $424
72 months $361
84 months $315

Can I afford a $28,600 car?

Is your salary enough to buy a $28,600 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 $28,600 vehicle, this would mean saving up $5,720.
  • 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 $28,600, you would need to make at least $71,500 per year.