$55,900 Car Loan

What's the monthly payment on a $55,900 car?
$
$
%
Monthly payment = $1,015
Total yearly payments = $12,177
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $970
3.0% $990
4.0% $1,010
5.0% $1,030
6.0% $1,050
7.0% $1,071
8.0% $1,092
9.0% $1,113
10.0% $1,134
Payments by Amount Down
Down Monthly Payment
$0 $1,268
$2,000 $1,223
$5,000 $1,155
$8,000 $1,087
$10,000 $1,042
$15,000 $928
Payments by Loan Length
Length Payment
24 months $1,947
36 months $1,325
48 months $1,015
60 months $829
72 months $705
84 months $616

Can I afford a $55,900 car?

Is your salary enough to buy a $55,900 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 $55,900 vehicle, this would mean saving up $11,180.
  • 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 $55,900, you would need to make at least $139,750 per year.