$58,600 Car Loan

What's the monthly payment on a $58,600 car?
$
$
%
Monthly payment = $1,064
Total yearly payments = $12,765
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,017
3.0% $1,038
4.0% $1,059
5.0% $1,080
6.0% $1,101
7.0% $1,123
8.0% $1,144
9.0% $1,167
10.0% $1,189
Payments by Amount Down
Down Monthly Payment
$0 $1,330
$2,000 $1,284
$5,000 $1,216
$8,000 $1,148
$10,000 $1,103
$15,000 $989
Payments by Loan Length
Length Payment
24 months $2,041
36 months $1,389
48 months $1,064
60 months $869
72 months $739
84 months $646

Can I afford a $58,600 car?

Is your salary enough to buy a $58,600 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 $58,600 vehicle, this would mean saving up $11,720.
  • 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 $58,600, you would need to make at least $146,500 per year.
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