$59,500 Car Loan

What's the monthly payment on a $59,500 car?
$
$
%
Monthly payment = $1,080
Total yearly payments = $12,961
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,033
3.0% $1,054
4.0% $1,075
5.0% $1,096
6.0% $1,118
7.0% $1,140
8.0% $1,162
9.0% $1,185
10.0% $1,207
Payments by Amount Down
Down Monthly Payment
$0 $1,350
$2,000 $1,305
$5,000 $1,237
$8,000 $1,169
$10,000 $1,123
$15,000 $1,010
Payments by Loan Length
Length Payment
24 months $2,072
36 months $1,411
48 months $1,080
60 months $882
72 months $750
84 months $656

Can I afford a $59,500 car?

Is your salary enough to buy a $59,500 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 $59,500 vehicle, this would mean saving up $11,900.
  • 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 $59,500, you would need to make at least $148,750 per year.