$600 Car Loan

What's the monthly payment on a $600 car?
$
$
%
Monthly payment = $11
Total yearly payments = $131
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $10
3.0% $11
4.0% $11
5.0% $11
6.0% $11
7.0% $11
8.0% $12
9.0% $12
10.0% $12
Payments by Amount Down
Down Monthly Payment
$0 $14
$100 $11
$200 $9
$400 $5
$600 $0
$800 $-5
Payments by Loan Length
Length Payment
24 months $21
36 months $14
48 months $11
60 months $9
72 months $8
84 months $7

Can I afford a $600 car?

Is your salary enough to buy a $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 $600 vehicle, this would mean saving up $120.
  • 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 $600, you would need to make at least $1,500 per year.