$38,600 Car Loan

What's the monthly payment on a $38,600 car?
$
$
%
Monthly payment = $701
Total yearly payments = $8,408
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $670
3.0% $684
4.0% $697
5.0% $711
6.0% $725
7.0% $739
8.0% $754
9.0% $768
10.0% $783
Payments by Amount Down
Down Monthly Payment
$0 $876
$2,000 $830
$5,000 $762
$8,000 $694
$10,000 $649
$15,000 $536
Payments by Loan Length
Length Payment
24 months $1,344
36 months $915
48 months $701
60 months $572
72 months $487
84 months $426

Can I afford a $38,600 car?

Is your salary enough to buy a $38,600 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 $38,600 vehicle, this would mean saving up $7,720.
  • 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 $38,600, you would need to make at least $96,500 per year.