$59,600 Car Loan

What's the monthly payment on a $59,600 car?
$
$
%
Monthly payment = $1,082
Total yearly payments = $12,983
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,034
3.0% $1,055
4.0% $1,077
5.0% $1,098
6.0% $1,120
7.0% $1,142
8.0% $1,164
9.0% $1,187
10.0% $1,209
Payments by Amount Down
Down Monthly Payment
$0 $1,352
$2,000 $1,307
$5,000 $1,239
$8,000 $1,171
$10,000 $1,125
$15,000 $1,012
Payments by Loan Length
Length Payment
24 months $2,076
36 months $1,413
48 months $1,082
60 months $883
72 months $751
84 months $657

Can I afford a $59,600 car?

Is your salary enough to buy a $59,600 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 $59,600 vehicle, this would mean saving up $11,920.
  • 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 $59,600, you would need to make at least $149,000 per year.