$53,700 Car Loan

What's the monthly payment on a $53,700 car?
$
$
%
Monthly payment = $975
Total yearly payments = $11,698
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $932
3.0% $951
4.0% $970
5.0% $989
6.0% $1,009
7.0% $1,029
8.0% $1,049
9.0% $1,069
10.0% $1,090
Payments by Amount Down
Down Monthly Payment
$0 $1,219
$2,000 $1,173
$5,000 $1,105
$8,000 $1,037
$10,000 $992
$15,000 $878
Payments by Loan Length
Length Payment
24 months $1,870
36 months $1,273
48 months $975
60 months $796
72 months $677
84 months $592

Can I afford a $53,700 car?

Is your salary enough to buy a $53,700 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 $53,700 vehicle, this would mean saving up $10,740.
  • 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 $53,700, you would need to make at least $134,250 per year.