$55,300 Car Loan

What's the monthly payment on a $55,300 car?
$
$
%
Monthly payment = $1,004
Total yearly payments = $12,046
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $960
3.0% $979
4.0% $999
5.0% $1,019
6.0% $1,039
7.0% $1,059
8.0% $1,080
9.0% $1,101
10.0% $1,122
Payments by Amount Down
Down Monthly Payment
$0 $1,255
$2,000 $1,209
$5,000 $1,141
$8,000 $1,073
$10,000 $1,028
$15,000 $914
Payments by Loan Length
Length Payment
24 months $1,926
36 months $1,311
48 months $1,004
60 months $820
72 months $697
84 months $610

Can I afford a $55,300 car?

Is your salary enough to buy a $55,300 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 $55,300 vehicle, this would mean saving up $11,060.
  • 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 $55,300, you would need to make at least $138,250 per year.