$45,000 Car Loan
What's the monthly payment on a $45,000 car or truck?
Purchase Price
$
Down Payment
$
Interest Rate
%
Loan Term
After down payment, the auto loan will be $36,000.
At 5.95% interest with a 48 month loan:
Monthly payment = $845
Total yearly payments = $10,136
Payments by Amount Down
| Down | Monthly |
|---|---|
| $0 | $1,056 |
| $2,000 | $1,009 |
| $5,000 | $938 |
| $8,000 | $868 |
| $10,000 | $821 |
| $15,000 | $704 |
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.
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 |