$58,700 Car Loan

What's the monthly payment on a $58,700 car?
$
$
%
Monthly payment = $1,066
Total yearly payments = $12,787
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,019
3.0% $1,039
4.0% $1,060
5.0% $1,081
6.0% $1,103
7.0% $1,125
8.0% $1,146
9.0% $1,169
10.0% $1,191
Payments by Amount Down
Down Monthly Payment
$0 $1,332
$2,000 $1,287
$5,000 $1,219
$8,000 $1,150
$10,000 $1,105
$15,000 $992
Payments by Loan Length
Length Payment
24 months $2,044
36 months $1,392
48 months $1,066
60 months $870
72 months $740
84 months $647

Can I afford a $58,700 car?

Is your salary enough to buy a $58,700 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 $58,700 vehicle, this would mean saving up $11,740.
  • 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 $58,700, you would need to make at least $146,750 per year.