$3,100 Car Loan

What's the monthly payment on a $3,100 car?
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Monthly payment = $56
Total yearly payments = $675
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $54
3.0% $55
4.0% $56
5.0% $57
6.0% $58
7.0% $59
8.0% $61
9.0% $62
10.0% $63
Payments by Amount Down
Down Monthly Payment
$0 $70
$200 $66
$400 $61
$800 $52
$1,200 $43
$2,000 $25
Payments by Loan Length
Length Payment
24 months $108
36 months $73
48 months $56
60 months $46
72 months $39
84 months $34

Can I afford a $3,100 car?

Is your salary enough to buy a $3,100 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 $3,100 vehicle, this would mean saving up $620.
  • 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 $3,100, you would need to make at least $7,750 per year.