$5,500 Car Loan

What's the monthly payment on a $5,500 car?
$
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%
Monthly payment = $100
Total yearly payments = $1,198
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $95
3.0% $97
4.0% $99
5.0% $101
6.0% $103
7.0% $105
8.0% $107
9.0% $109
10.0% $112
Payments by Amount Down
Down Monthly Payment
$0 $125
$500 $113
$1,000 $102
$1,500 $91
$2,000 $79
$2,500 $68
Payments by Loan Length
Length Payment
24 months $192
36 months $130
48 months $100
60 months $82
72 months $69
84 months $61

Can I afford a $5,500 car?

Is your salary enough to buy a $5,500 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 $5,500 vehicle, this would mean saving up $1,100.
  • 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 $5,500, you would need to make at least $13,750 per year.