$31,500 Car Loan

What's the monthly payment on a $31,500 car?
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Monthly payment = $572
Total yearly payments = $6,862
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $547
3.0% $558
4.0% $569
5.0% $580
6.0% $592
7.0% $603
8.0% $615
9.0% $627
10.0% $639
Payments by Amount Down
Down Monthly Payment
$0 $715
$2,000 $669
$5,000 $601
$8,000 $533
$10,000 $488
$15,000 $374
Payments by Loan Length
Length Payment
24 months $1,097
36 months $747
48 months $572
60 months $467
72 months $397
84 months $347

Can I afford a $31,500 car?

Is your salary enough to buy a $31,500 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 $31,500 vehicle, this would mean saving up $6,300.
  • 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 $31,500, you would need to make at least $78,750 per year.