$58,500 Car Loan

What's the monthly payment on a $58,500 car?
$
$
%
Monthly payment = $1,062
Total yearly payments = $12,743
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,015
3.0% $1,036
4.0% $1,057
5.0% $1,078
6.0% $1,099
7.0% $1,121
8.0% $1,143
9.0% $1,165
10.0% $1,187
Payments by Amount Down
Down Monthly Payment
$0 $1,327
$2,000 $1,282
$5,000 $1,214
$8,000 $1,146
$10,000 $1,101
$15,000 $987
Payments by Loan Length
Length Payment
24 months $2,037
36 months $1,387
48 months $1,062
60 months $867
72 months $738
84 months $645

Can I afford a $58,500 car?

Is your salary enough to buy a $58,500 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 $58,500 vehicle, this would mean saving up $11,700.
  • 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 $58,500, you would need to make at least $146,250 per year.