$59,900 Car Loan

What's the monthly payment on a $59,900 car?
$
$
%
Monthly payment = $1,087
Total yearly payments = $13,048
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,040
3.0% $1,061
4.0% $1,082
5.0% $1,104
6.0% $1,125
7.0% $1,148
8.0% $1,170
9.0% $1,192
10.0% $1,215
Payments by Amount Down
Down Monthly Payment
$0 $1,359
$2,000 $1,314
$5,000 $1,246
$8,000 $1,178
$10,000 $1,132
$15,000 $1,019
Payments by Loan Length
Length Payment
24 months $2,086
36 months $1,420
48 months $1,087
60 months $888
72 months $755
84 months $661

Can I afford a $59,900 car?

Is your salary enough to buy a $59,900 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 $59,900 vehicle, this would mean saving up $11,980.
  • 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 $59,900, you would need to make at least $149,750 per year.