$54,700 Car Loan

What's the monthly payment on a $54,700 car?
$
$
%
Monthly payment = $993
Total yearly payments = $11,916
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $949
3.0% $969
4.0% $988
5.0% $1,008
6.0% $1,028
7.0% $1,048
8.0% $1,068
9.0% $1,089
10.0% $1,110
Payments by Amount Down
Down Monthly Payment
$0 $1,241
$2,000 $1,196
$5,000 $1,128
$8,000 $1,060
$10,000 $1,014
$15,000 $901
Payments by Loan Length
Length Payment
24 months $1,905
36 months $1,297
48 months $993
60 months $811
72 months $690
84 months $603

Can I afford a $54,700 car?

Is your salary enough to buy a $54,700 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 $54,700 vehicle, this would mean saving up $10,940.
  • 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 $54,700, you would need to make at least $136,750 per year.