$3,500 Car Loan

What's the monthly payment on a $3,500 car?
$
$
%
Monthly payment = $64
Total yearly payments = $762
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $61
3.0% $62
4.0% $63
5.0% $64
6.0% $66
7.0% $67
8.0% $68
9.0% $70
10.0% $71
Payments by Amount Down
Down Monthly Payment
$0 $79
$200 $75
$400 $70
$800 $61
$1,200 $52
$2,000 $34
Payments by Loan Length
Length Payment
24 months $122
36 months $83
48 months $64
60 months $52
72 months $44
84 months $39

Can I afford a $3,500 car?

Is your salary enough to buy a $3,500 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 $3,500 vehicle, this would mean saving up $700.
  • 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 $3,500, you would need to make at least $8,750 per year.