$58,400 Car Loan

What's the monthly payment on a $58,400 car?
$
$
%
Monthly payment = $1,060
Total yearly payments = $12,722
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,014
3.0% $1,034
4.0% $1,055
5.0% $1,076
6.0% $1,097
7.0% $1,119
8.0% $1,141
9.0% $1,163
10.0% $1,185
Payments by Amount Down
Down Monthly Payment
$0 $1,325
$2,000 $1,280
$5,000 $1,212
$8,000 $1,144
$10,000 $1,098
$15,000 $985
Payments by Loan Length
Length Payment
24 months $2,034
36 months $1,385
48 months $1,060
60 months $866
72 months $736
84 months $644

Can I afford a $58,400 car?

Is your salary enough to buy a $58,400 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 $58,400 vehicle, this would mean saving up $11,680.
  • 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 $58,400, you would need to make at least $146,000 per year.