$58,800 Car Loan

What's the monthly payment on a $58,800 car?
$
$
%
Monthly payment = $1,067
Total yearly payments = $12,809
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,021
3.0% $1,041
4.0% $1,062
5.0% $1,083
6.0% $1,105
7.0% $1,126
8.0% $1,148
9.0% $1,171
10.0% $1,193
Payments by Amount Down
Down Monthly Payment
$0 $1,334
$2,000 $1,289
$5,000 $1,221
$8,000 $1,153
$10,000 $1,107
$15,000 $994
Payments by Loan Length
Length Payment
24 months $2,048
36 months $1,394
48 months $1,067
60 months $872
72 months $741
84 months $648

Can I afford a $58,800 car?

Is your salary enough to buy a $58,800 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 $58,800 vehicle, this would mean saving up $11,760.
  • 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 $58,800, you would need to make at least $147,000 per year.