$3,000 Car Loan

What's the monthly payment on a $3,000 car?
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%
Monthly payment = $54
Total yearly payments = $654
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $52
3.0% $53
4.0% $54
5.0% $55
6.0% $56
7.0% $57
8.0% $59
9.0% $60
10.0% $61
Payments by Amount Down
Down Monthly Payment
$0 $68
$200 $64
$400 $59
$800 $50
$1,200 $41
$2,000 $23
Payments by Loan Length
Length Payment
24 months $104
36 months $71
48 months $54
60 months $44
72 months $38
84 months $33

Can I afford a $3,000 car?

Is your salary enough to buy a $3,000 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 $3,000 vehicle, this would mean saving up $600.
  • 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 $3,000, you would need to make at least $7,500 per year.