$53,800 Car Loan

What's the monthly payment on a $53,800 car?
$
$
%
Monthly payment = $977
Total yearly payments = $11,719
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $934
3.0% $953
4.0% $972
5.0% $991
6.0% $1,011
7.0% $1,031
8.0% $1,051
9.0% $1,071
10.0% $1,092
Payments by Amount Down
Down Monthly Payment
$0 $1,221
$2,000 $1,175
$5,000 $1,107
$8,000 $1,039
$10,000 $994
$15,000 $880
Payments by Loan Length
Length Payment
24 months $1,874
36 months $1,276
48 months $977
60 months $798
72 months $678
84 months $593

Can I afford a $53,800 car?

Is your salary enough to buy a $53,800 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 $53,800 vehicle, this would mean saving up $10,760.
  • 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 $53,800, you would need to make at least $134,500 per year.