$28,800 Car Loan

What's the monthly payment on a $28,800 car?
$
$
%
Monthly payment = $523
Total yearly payments = $6,274
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $500
3.0% $510
4.0% $520
5.0% $531
6.0% $541
7.0% $552
8.0% $562
9.0% $573
10.0% $584
Payments by Amount Down
Down Monthly Payment
$0 $654
$1,000 $631
$2,500 $597
$5,000 $540
$7,500 $483
$10,000 $427
Payments by Loan Length
Length Payment
24 months $1,003
36 months $683
48 months $523
60 months $427
72 months $363
84 months $318

Can I afford a $28,800 car?

Is your salary enough to buy a $28,800 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 $28,800 vehicle, this would mean saving up $5,760.
  • 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 $28,800, you would need to make at least $72,000 per year.