$38,000 Car Loan

What's the monthly payment on a $38,000 car?
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Monthly payment = $690
Total yearly payments = $8,278
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $660
3.0% $673
4.0% $686
5.0% $700
6.0% $714
7.0% $728
8.0% $742
9.0% $757
10.0% $771
Payments by Amount Down
Down Monthly Payment
$0 $862
$2,000 $817
$5,000 $749
$8,000 $681
$10,000 $635
$15,000 $522
Payments by Loan Length
Length Payment
24 months $1,324
36 months $901
48 months $690
60 months $563
72 months $479
84 months $419

Can I afford a $38,000 car?

Is your salary enough to buy a $38,000 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 $38,000 vehicle, this would mean saving up $7,600.
  • 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 $38,000, you would need to make at least $95,000 per year.