$55,600 Car Loan

What's the monthly payment on a $55,600 car?
$
$
%
Monthly payment = $1,009
Total yearly payments = $12,112
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $965
3.0% $985
4.0% $1,004
5.0% $1,024
6.0% $1,045
7.0% $1,065
8.0% $1,086
9.0% $1,107
10.0% $1,128
Payments by Amount Down
Down Monthly Payment
$0 $1,262
$2,000 $1,216
$5,000 $1,148
$8,000 $1,080
$10,000 $1,035
$15,000 $921
Payments by Loan Length
Length Payment
24 months $1,936
36 months $1,318
48 months $1,009
60 months $824
72 months $701
84 months $613

Can I afford a $55,600 car?

Is your salary enough to buy a $55,600 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 $55,600 vehicle, this would mean saving up $11,120.
  • 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 $55,600, you would need to make at least $139,000 per year.