$55,500 Car Loan

What's the monthly payment on a $55,500 car?
$
$
%
Monthly payment = $1,007
Total yearly payments = $12,090
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $963
3.0% $983
4.0% $1,003
5.0% $1,023
6.0% $1,043
7.0% $1,063
8.0% $1,084
9.0% $1,105
10.0% $1,126
Payments by Amount Down
Down Monthly Payment
$0 $1,259
$2,000 $1,214
$5,000 $1,146
$8,000 $1,078
$10,000 $1,032
$15,000 $919
Payments by Loan Length
Length Payment
24 months $1,933
36 months $1,316
48 months $1,007
60 months $823
72 months $700
84 months $612

Can I afford a $55,500 car?

Is your salary enough to buy a $55,500 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 $55,500 vehicle, this would mean saving up $11,100.
  • 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 $55,500, you would need to make at least $138,750 per year.