$38,500 Car Loan

What's the monthly payment on a $38,500 car?
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$
%
Monthly payment = $699
Total yearly payments = $8,387
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $668
3.0% $682
4.0% $695
5.0% $709
6.0% $723
7.0% $738
8.0% $752
9.0% $766
10.0% $781
Payments by Amount Down
Down Monthly Payment
$0 $874
$2,000 $828
$5,000 $760
$8,000 $692
$10,000 $647
$15,000 $533
Payments by Loan Length
Length Payment
24 months $1,341
36 months $913
48 months $699
60 months $571
72 months $485
84 months $425

Can I afford a $38,500 car?

Is your salary enough to buy a $38,500 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 $38,500 vehicle, this would mean saving up $7,700.
  • 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 $38,500, you would need to make at least $96,250 per year.