$54,500 Car Loan

What's the monthly payment on a $54,500 car?
$
$
%
Monthly payment = $989
Total yearly payments = $11,872
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $946
3.0% $965
4.0% $984
5.0% $1,004
6.0% $1,024
7.0% $1,044
8.0% $1,064
9.0% $1,085
10.0% $1,106
Payments by Amount Down
Down Monthly Payment
$0 $1,237
$2,000 $1,191
$5,000 $1,123
$8,000 $1,055
$10,000 $1,010
$15,000 $896
Payments by Loan Length
Length Payment
24 months $1,898
36 months $1,292
48 months $989
60 months $808
72 months $687
84 months $601

Can I afford a $54,500 car?

Is your salary enough to buy a $54,500 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 $54,500 vehicle, this would mean saving up $10,900.
  • 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 $54,500, you would need to make at least $136,250 per year.