$31,100 Car Loan

What's the monthly payment on a $31,100 car?
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Monthly payment = $565
Total yearly payments = $6,775
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $540
3.0% $551
4.0% $562
5.0% $573
6.0% $584
7.0% $596
8.0% $607
9.0% $619
10.0% $631
Payments by Amount Down
Down Monthly Payment
$0 $706
$2,000 $660
$5,000 $592
$8,000 $524
$10,000 $479
$15,000 $365
Payments by Loan Length
Length Payment
24 months $1,083
36 months $737
48 months $565
60 months $461
72 months $392
84 months $343

Can I afford a $31,100 car?

Is your salary enough to buy a $31,100 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 $31,100 vehicle, this would mean saving up $6,220.
  • 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 $31,100, you would need to make at least $77,750 per year.