$31,300 Car Loan

What's the monthly payment on a $31,300 car?
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%
Monthly payment = $568
Total yearly payments = $6,818
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $543
3.0% $554
4.0% $565
5.0% $577
6.0% $588
7.0% $600
8.0% $611
9.0% $623
10.0% $635
Payments by Amount Down
Down Monthly Payment
$0 $710
$2,000 $665
$5,000 $597
$8,000 $529
$10,000 $483
$15,000 $370
Payments by Loan Length
Length Payment
24 months $1,090
36 months $742
48 months $568
60 months $464
72 months $395
84 months $345

Can I afford a $31,300 car?

Is your salary enough to buy a $31,300 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 $31,300 vehicle, this would mean saving up $6,260.
  • 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 $31,300, you would need to make at least $78,250 per year.