$38,300 Car Loan

What's the monthly payment on a $38,300 car?
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Monthly payment = $695
Total yearly payments = $8,343
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $665
3.0% $678
4.0% $692
5.0% $706
6.0% $720
7.0% $734
8.0% $748
9.0% $762
10.0% $777
Payments by Amount Down
Down Monthly Payment
$0 $869
$2,000 $824
$5,000 $756
$8,000 $688
$10,000 $642
$15,000 $529
Payments by Loan Length
Length Payment
24 months $1,334
36 months $908
48 months $695
60 months $568
72 months $483
84 months $422

Can I afford a $38,300 car?

Is your salary enough to buy a $38,300 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 $38,300 vehicle, this would mean saving up $7,660.
  • 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 $38,300, you would need to make at least $95,750 per year.