$58,000 Car Loan

What's the monthly payment on a $58,000 car?
$
$
%
Monthly payment = $1,053
Total yearly payments = $12,634
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,007
3.0% $1,027
4.0% $1,048
5.0% $1,069
6.0% $1,090
7.0% $1,111
8.0% $1,133
9.0% $1,155
10.0% $1,177
Payments by Amount Down
Down Monthly Payment
$0 $1,316
$2,000 $1,271
$5,000 $1,203
$8,000 $1,135
$10,000 $1,089
$15,000 $976
Payments by Loan Length
Length Payment
24 months $2,020
36 months $1,375
48 months $1,053
60 months $860
72 months $731
84 months $640

Can I afford a $58,000 car?

Is your salary enough to buy a $58,000 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 $58,000 vehicle, this would mean saving up $11,600.
  • 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 $58,000, you would need to make at least $145,000 per year.