$58,300 Car Loan

What's the monthly payment on a $58,300 car?
$
$
%
Monthly payment = $1,058
Total yearly payments = $12,700
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,012
3.0% $1,032
4.0% $1,053
5.0% $1,074
6.0% $1,095
7.0% $1,117
8.0% $1,139
9.0% $1,161
10.0% $1,183
Payments by Amount Down
Down Monthly Payment
$0 $1,323
$2,000 $1,278
$5,000 $1,209
$8,000 $1,141
$10,000 $1,096
$15,000 $983
Payments by Loan Length
Length Payment
24 months $2,031
36 months $1,382
48 months $1,058
60 months $864
72 months $735
84 months $643

Can I afford a $58,300 car?

Is your salary enough to buy a $58,300 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 $58,300 vehicle, this would mean saving up $11,660.
  • 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 $58,300, you would need to make at least $145,750 per year.