$2,900 Car Loan

What's the monthly payment on a $2,900 car?
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%
Monthly payment = $53
Total yearly payments = $632
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $50
3.0% $51
4.0% $52
5.0% $53
6.0% $54
7.0% $56
8.0% $57
9.0% $58
10.0% $59
Payments by Amount Down
Down Monthly Payment
$0 $66
$200 $61
$400 $57
$800 $48
$1,200 $39
$2,000 $20
Payments by Loan Length
Length Payment
24 months $101
36 months $69
48 months $53
60 months $43
72 months $37
84 months $32

Can I afford a $2,900 car?

Is your salary enough to buy a $2,900 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 $2,900 vehicle, this would mean saving up $580.
  • 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 $2,900, you would need to make at least $7,250 per year.