$55,100 Car Loan

What's the monthly payment on a $55,100 car?
$
$
%
Monthly payment = $1,000
Total yearly payments = $12,003
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $956
3.0% $976
4.0% $995
5.0% $1,015
6.0% $1,035
7.0% $1,056
8.0% $1,076
9.0% $1,097
10.0% $1,118
Payments by Amount Down
Down Monthly Payment
$0 $1,250
$2,000 $1,205
$5,000 $1,137
$8,000 $1,069
$10,000 $1,023
$15,000 $910
Payments by Loan Length
Length Payment
24 months $1,919
36 months $1,306
48 months $1,000
60 months $817
72 months $695
84 months $608

Can I afford a $55,100 car?

Is your salary enough to buy a $55,100 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 $55,100 vehicle, this would mean saving up $11,020.
  • 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 $55,100, you would need to make at least $137,750 per year.