$38,400 Car Loan

What's the monthly payment on a $38,400 car?
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$
%
Monthly payment = $697
Total yearly payments = $8,365
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $666
3.0% $680
4.0% $694
5.0% $707
6.0% $721
7.0% $736
8.0% $750
9.0% $764
10.0% $779
Payments by Amount Down
Down Monthly Payment
$0 $871
$2,000 $826
$5,000 $758
$8,000 $690
$10,000 $644
$15,000 $531
Payments by Loan Length
Length Payment
24 months $1,337
36 months $910
48 months $697
60 months $569
72 months $484
84 months $423

Can I afford a $38,400 car?

Is your salary enough to buy a $38,400 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 $38,400 vehicle, this would mean saving up $7,680.
  • 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 $38,400, you would need to make at least $96,000 per year.