$29,000 Car Loan

What's the monthly payment on a $29,000 car?
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%
Monthly payment = $526
Total yearly payments = $6,317
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $503
3.0% $514
4.0% $524
5.0% $534
6.0% $545
7.0% $556
8.0% $566
9.0% $577
10.0% $588
Payments by Amount Down
Down Monthly Payment
$0 $658
$1,000 $635
$2,500 $601
$5,000 $545
$7,500 $488
$10,000 $431
Payments by Loan Length
Length Payment
24 months $1,010
36 months $688
48 months $526
60 months $430
72 months $366
84 months $320

Can I afford a $29,000 car?

Is your salary enough to buy a $29,000 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 $29,000 vehicle, this would mean saving up $5,800.
  • 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 $29,000, you would need to make at least $72,500 per year.