$31,400 Car Loan

What's the monthly payment on a $31,400 car?
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%
Monthly payment = $570
Total yearly payments = $6,840
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $545
3.0% $556
4.0% $567
5.0% $578
6.0% $590
7.0% $602
8.0% $613
9.0% $625
10.0% $637
Payments by Amount Down
Down Monthly Payment
$0 $713
$2,000 $667
$5,000 $599
$8,000 $531
$10,000 $486
$15,000 $372
Payments by Loan Length
Length Payment
24 months $1,094
36 months $744
48 months $570
60 months $465
72 months $396
84 months $346

Can I afford a $31,400 car?

Is your salary enough to buy a $31,400 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 $31,400 vehicle, this would mean saving up $6,280.
  • 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 $31,400, you would need to make at least $78,500 per year.