$31,600 Car Loan

What's the monthly payment on a $31,600 car?
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Monthly payment = $574
Total yearly payments = $6,884
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $548
3.0% $560
4.0% $571
5.0% $582
6.0% $594
7.0% $605
8.0% $617
9.0% $629
10.0% $641
Payments by Amount Down
Down Monthly Payment
$0 $717
$2,000 $672
$5,000 $604
$8,000 $536
$10,000 $490
$15,000 $377
Payments by Loan Length
Length Payment
24 months $1,101
36 months $749
48 months $574
60 months $468
72 months $398
84 months $348

Can I afford a $31,600 car?

Is your salary enough to buy a $31,600 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 $31,600 vehicle, this would mean saving up $6,320.
  • 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 $31,600, you would need to make at least $79,000 per year.