$53,500 Car Loan

What's the monthly payment on a $53,500 car?
$
$
%
Monthly payment = $971
Total yearly payments = $11,654
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $929
3.0% $947
4.0% $966
5.0% $986
6.0% $1,005
7.0% $1,025
8.0% $1,045
9.0% $1,065
10.0% $1,086
Payments by Amount Down
Down Monthly Payment
$0 $1,214
$2,000 $1,169
$5,000 $1,101
$8,000 $1,032
$10,000 $987
$15,000 $874
Payments by Loan Length
Length Payment
24 months $1,863
36 months $1,268
48 months $971
60 months $793
72 months $675
84 months $590

Can I afford a $53,500 car?

Is your salary enough to buy a $53,500 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 $53,500 vehicle, this would mean saving up $10,700.
  • 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 $53,500, you would need to make at least $133,750 per year.