$500 Car Loan

What's the monthly payment on a $500 car?
$
$
%
Monthly payment = $9
Total yearly payments = $109
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $9
3.0% $9
4.0% $9
5.0% $9
6.0% $9
7.0% $10
8.0% $10
9.0% $10
10.0% $10
Payments by Amount Down
Down Monthly Payment
$0 $11
$100 $9
$200 $7
$400 $2
$600 $-2
$800 $-7
Payments by Loan Length
Length Payment
24 months $17
36 months $12
48 months $9
60 months $7
72 months $6
84 months $6

Can I afford a $500 car?

Is your salary enough to buy a $500 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 $500 vehicle, this would mean saving up $100.
  • 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 $500, you would need to make at least $1,250 per year.