$28,700 Car Loan

What's the monthly payment on a $28,700 car?
$
$
%
Monthly payment = $521
Total yearly payments = $6,252
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $498
3.0% $508
4.0% $518
5.0% $529
6.0% $539
7.0% $550
8.0% $561
9.0% $571
10.0% $582
Payments by Amount Down
Down Monthly Payment
$0 $651
$1,000 $629
$2,500 $595
$5,000 $538
$7,500 $481
$10,000 $424
Payments by Loan Length
Length Payment
24 months $1,000
36 months $680
48 months $521
60 months $425
72 months $362
84 months $316

Can I afford a $28,700 car?

Is your salary enough to buy a $28,700 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 $28,700 vehicle, this would mean saving up $5,740.
  • 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 $28,700, you would need to make at least $71,750 per year.