$55,700 Car Loan

What's the monthly payment on a $55,700 car?
$
$
%
Monthly payment = $1,011
Total yearly payments = $12,133
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $967
3.0% $986
4.0% $1,006
5.0% $1,026
6.0% $1,046
7.0% $1,067
8.0% $1,088
9.0% $1,109
10.0% $1,130
Payments by Amount Down
Down Monthly Payment
$0 $1,264
$2,000 $1,219
$5,000 $1,150
$8,000 $1,082
$10,000 $1,037
$15,000 $924
Payments by Loan Length
Length Payment
24 months $1,940
36 months $1,321
48 months $1,011
60 months $826
72 months $702
84 months $614

Can I afford a $55,700 car?

Is your salary enough to buy a $55,700 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 $55,700 vehicle, this would mean saving up $11,140.
  • 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 $55,700, you would need to make at least $139,250 per year.