$53,300 Car Loan

What's the monthly payment on a $53,300 car?
$
$
%
Monthly payment = $968
Total yearly payments = $11,611
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $925
3.0% $944
4.0% $963
5.0% $982
6.0% $1,001
7.0% $1,021
8.0% $1,041
9.0% $1,061
10.0% $1,081
Payments by Amount Down
Down Monthly Payment
$0 $1,209
$2,000 $1,164
$5,000 $1,096
$8,000 $1,028
$10,000 $983
$15,000 $869
Payments by Loan Length
Length Payment
24 months $1,856
36 months $1,264
48 months $968
60 months $790
72 months $672
84 months $588

Can I afford a $53,300 car?

Is your salary enough to buy a $53,300 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 $53,300 vehicle, this would mean saving up $10,660.
  • 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 $53,300, you would need to make at least $133,250 per year.