$38,800 Car Loan

What's the monthly payment on a $38,800 car?
$
$
%
Monthly payment = $704
Total yearly payments = $8,452
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $673
3.0% $687
4.0% $701
5.0% $715
6.0% $729
7.0% $743
8.0% $758
9.0% $772
10.0% $787
Payments by Amount Down
Down Monthly Payment
$0 $880
$2,000 $835
$5,000 $767
$8,000 $699
$10,000 $654
$15,000 $540
Payments by Loan Length
Length Payment
24 months $1,351
36 months $920
48 months $704
60 months $575
72 months $489
84 months $428

Can I afford a $38,800 car?

Is your salary enough to buy a $38,800 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 $38,800 vehicle, this would mean saving up $7,760.
  • 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 $38,800, you would need to make at least $97,000 per year.