$55,400 Car Loan

What's the monthly payment on a $55,400 car?
$
$
%
Monthly payment = $1,006
Total yearly payments = $12,068
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $962
3.0% $981
4.0% $1,001
5.0% $1,021
6.0% $1,041
7.0% $1,061
8.0% $1,082
9.0% $1,103
10.0% $1,124
Payments by Amount Down
Down Monthly Payment
$0 $1,257
$2,000 $1,212
$5,000 $1,144
$8,000 $1,076
$10,000 $1,030
$15,000 $917
Payments by Loan Length
Length Payment
24 months $1,930
36 months $1,313
48 months $1,006
60 months $821
72 months $698
84 months $611

Can I afford a $55,400 car?

Is your salary enough to buy a $55,400 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 $55,400 vehicle, this would mean saving up $11,080.
  • 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 $55,400, you would need to make at least $138,500 per year.