$45,000 Car Loan

What's the monthly payment on a $45,000 car?
Purchase Price
$
Down Payment
$
Interest Rate
%
Loan Term
Monthly payment = $817
Total yearly payments = $9,803
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $781
3.0% $797
4.0% $813
5.0% $829
6.0% $845
7.0% $862
8.0% $879
9.0% $896
10.0% $913
Payments by Amount Down
Down Monthly Payment
$0 $1,021
$2,000 $976
$5,000 $908
$8,000 $840
$10,000 $794
$15,000 $681
Payments by Loan Length
Length Payment
24 months $1,567
36 months $1,067
48 months $817
60 months $667
72 months $567
84 months $496

Can I afford a $45,000 car?

What's the salary needed for a $45,000 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 $45,000 vehicle, this would mean saving up $9,000.
  • 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 $45,000, you would need to make at least $112,500 per year.
Yearly Household Spending on Transportation
Source: U.S. Bureau of Labor Statistics, 2018–2019
Metro Area Spending
Washington, D.C.$13,646
Anchorage$13,313
Baltimore$13,255
Phoenix$12,525
Houston$12,352
Denver$12,331
Boston$11,779
San Diego$11,704
Seattle$11,506
Detroit$11,260
Philadelphia$11,136
St. Louis$11,123
San Francisco$11,103
Minneapolis$11,049
Los Angeles$10,959
Miami$10,915
Tampa$10,692
Dallas$10,472
Atlanta$9,862
New York$9,255
Chicago$9,084
Honolulu$8,403