\$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