$5,000 Car Loan

What's the monthly payment on a $5,000 car?
$
$
%
Monthly payment = $91
Total yearly payments = $1,089
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $87
3.0% $89
4.0% $90
5.0% $92
6.0% $94
7.0% $96
8.0% $98
9.0% $100
10.0% $101
Payments by Amount Down
Down Monthly Payment
$0 $113
$500 $102
$1,000 $91
$1,500 $79
$2,000 $68
$2,500 $57
Payments by Loan Length
Length Payment
24 months $174
36 months $119
48 months $91
60 months $74
72 months $63
84 months $55

Can I afford a $5,000 car?

Is your salary enough to buy a $5,000 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 $5,000 vehicle, this would mean saving up $1,000.
  • 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 $5,000, you would need to make at least $12,500 per year.