$38,200 Car Loan

What's the monthly payment on a $38,200 car?
$
$
%
Monthly payment = $693
Total yearly payments = $8,321
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $663
3.0% $676
4.0% $690
5.0% $704
6.0% $718
7.0% $732
8.0% $746
9.0% $760
10.0% $775
Payments by Amount Down
Down Monthly Payment
$0 $867
$2,000 $821
$5,000 $753
$8,000 $685
$10,000 $640
$15,000 $526
Payments by Loan Length
Length Payment
24 months $1,330
36 months $906
48 months $693
60 months $566
72 months $482
84 months $421

Can I afford a $38,200 car?

Is your salary enough to buy a $38,200 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 $38,200 vehicle, this would mean saving up $7,640.
  • 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 $38,200, you would need to make at least $95,500 per year.