$53,000 Car Loan

What's the monthly payment on a $53,000 car?
$
$
%
Monthly payment = $962
Total yearly payments = $11,545
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $920
3.0% $938
4.0% $957
5.0% $976
6.0% $996
7.0% $1,015
8.0% $1,035
9.0% $1,055
10.0% $1,075
Payments by Amount Down
Down Monthly Payment
$0 $1,203
$2,000 $1,157
$5,000 $1,089
$8,000 $1,021
$10,000 $976
$15,000 $862
Payments by Loan Length
Length Payment
24 months $1,846
36 months $1,257
48 months $962
60 months $786
72 months $668
84 months $584

Can I afford a $53,000 car?

Is your salary enough to buy a $53,000 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 $53,000 vehicle, this would mean saving up $10,600.
  • 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 $53,000, you would need to make at least $132,500 per year.