$54,900 Car Loan

What's the monthly payment on a $54,900 car?
$
$
%
Monthly payment = $997
Total yearly payments = $11,959
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $953
3.0% $972
4.0% $992
5.0% $1,011
6.0% $1,031
7.0% $1,052
8.0% $1,072
9.0% $1,093
10.0% $1,114
Payments by Amount Down
Down Monthly Payment
$0 $1,246
$2,000 $1,200
$5,000 $1,132
$8,000 $1,064
$10,000 $1,019
$15,000 $905
Payments by Loan Length
Length Payment
24 months $1,912
36 months $1,302
48 months $997
60 months $814
72 months $692
84 months $605

Can I afford a $54,900 car?

Is your salary enough to buy a $54,900 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 $54,900 vehicle, this would mean saving up $10,980.
  • 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 $54,900, you would need to make at least $137,250 per year.