$31,000 Car Loan

What's the monthly payment on a $31,000 car?
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Monthly payment = $563
Total yearly payments = $6,753
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $538
3.0% $549
4.0% $560
5.0% $571
6.0% $582
7.0% $594
8.0% $605
9.0% $617
10.0% $629
Payments by Amount Down
Down Monthly Payment
$0 $703
$2,000 $658
$5,000 $590
$8,000 $522
$10,000 $477
$15,000 $363
Payments by Loan Length
Length Payment
24 months $1,080
36 months $735
48 months $563
60 months $460
72 months $391
84 months $342

Can I afford a $31,000 car?

Is your salary enough to buy a $31,000 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 $31,000 vehicle, this would mean saving up $6,200.
  • 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 $31,000, you would need to make at least $77,500 per year.