$59,700 Car Loan

What's the monthly payment on a $59,700 car?
$
$
%
Monthly payment = $1,084
Total yearly payments = $13,005
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,036
3.0% $1,057
4.0% $1,078
5.0% $1,100
6.0% $1,122
7.0% $1,144
8.0% $1,166
9.0% $1,189
10.0% $1,211
Payments by Amount Down
Down Monthly Payment
$0 $1,355
$2,000 $1,309
$5,000 $1,241
$8,000 $1,173
$10,000 $1,128
$15,000 $1,014
Payments by Loan Length
Length Payment
24 months $2,079
36 months $1,415
48 months $1,084
60 months $885
72 months $753
84 months $658

Can I afford a $59,700 car?

Is your salary enough to buy a $59,700 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 $59,700 vehicle, this would mean saving up $11,940.
  • 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 $59,700, you would need to make at least $149,250 per year.