$55,200 Car Loan

What's the monthly payment on a $55,200 car?
$
$
%
Monthly payment = $1,002
Total yearly payments = $12,024
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $958
3.0% $977
4.0% $997
5.0% $1,017
6.0% $1,037
7.0% $1,057
8.0% $1,078
9.0% $1,099
10.0% $1,120
Payments by Amount Down
Down Monthly Payment
$0 $1,253
$2,000 $1,207
$5,000 $1,139
$8,000 $1,071
$10,000 $1,026
$15,000 $912
Payments by Loan Length
Length Payment
24 months $1,923
36 months $1,309
48 months $1,002
60 months $818
72 months $696
84 months $609

Can I afford a $55,200 car?

Is your salary enough to buy a $55,200 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 $55,200 vehicle, this would mean saving up $11,040.
  • 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 $55,200, you would need to make at least $138,000 per year.