$31,700 Car Loan

What's the monthly payment on a $31,700 car?
$
$
%
Monthly payment = $575
Total yearly payments = $6,905
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $550
3.0% $561
4.0% $573
5.0% $584
6.0% $596
7.0% $607
8.0% $619
9.0% $631
10.0% $643
Payments by Amount Down
Down Monthly Payment
$0 $719
$2,000 $674
$5,000 $606
$8,000 $538
$10,000 $492
$15,000 $379
Payments by Loan Length
Length Payment
24 months $1,104
36 months $752
48 months $575
60 months $470
72 months $400
84 months $350

Can I afford a $31,700 car?

Is your salary enough to buy a $31,700 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 $31,700 vehicle, this would mean saving up $6,340.
  • 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 $31,700, you would need to make at least $79,250 per year.