$58,900 Car Loan

What's the monthly payment on a $58,900 car?
$
$
%
Monthly payment = $1,069
Total yearly payments = $12,830
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,022
3.0% $1,043
4.0% $1,064
5.0% $1,085
6.0% $1,107
7.0% $1,128
8.0% $1,150
9.0% $1,173
10.0% $1,195
Payments by Amount Down
Down Monthly Payment
$0 $1,337
$2,000 $1,291
$5,000 $1,223
$8,000 $1,155
$10,000 $1,110
$15,000 $996
Payments by Loan Length
Length Payment
24 months $2,051
36 months $1,396
48 months $1,069
60 months $873
72 months $743
84 months $650

Can I afford a $58,900 car?

Is your salary enough to buy a $58,900 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 $58,900 vehicle, this would mean saving up $11,780.
  • 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 $58,900, you would need to make at least $147,250 per year.