$54,800 Car Loan

What's the monthly payment on a $54,800 car?
$
$
%
Monthly payment = $995
Total yearly payments = $11,937
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $951
3.0% $970
4.0% $990
5.0% $1,010
6.0% $1,030
7.0% $1,050
8.0% $1,070
9.0% $1,091
10.0% $1,112
Payments by Amount Down
Down Monthly Payment
$0 $1,243
$2,000 $1,198
$5,000 $1,130
$8,000 $1,062
$10,000 $1,017
$15,000 $903
Payments by Loan Length
Length Payment
24 months $1,909
36 months $1,299
48 months $995
60 months $812
72 months $691
84 months $604

Can I afford a $54,800 car?

Is your salary enough to buy a $54,800 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 $54,800 vehicle, this would mean saving up $10,960.
  • 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 $54,800, you would need to make at least $137,000 per year.