$54,300 Car Loan

What's the monthly payment on a $54,300 car?
$
$
%
Monthly payment = $986
Total yearly payments = $11,828
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $942
3.0% $962
4.0% $981
5.0% $1,000
6.0% $1,020
7.0% $1,040
8.0% $1,060
9.0% $1,081
10.0% $1,102
Payments by Amount Down
Down Monthly Payment
$0 $1,232
$2,000 $1,187
$5,000 $1,119
$8,000 $1,051
$10,000 $1,005
$15,000 $892
Payments by Loan Length
Length Payment
24 months $1,891
36 months $1,287
48 months $986
60 months $805
72 months $685
84 months $599

Can I afford a $54,300 car?

Is your salary enough to buy a $54,300 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 $54,300 vehicle, this would mean saving up $10,860.
  • 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 $54,300, you would need to make at least $135,750 per year.