$6,000 Car Loan

What's the monthly payment on a $6,000 car?
$
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%
Monthly payment = $109
Total yearly payments = $1,307
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $104
3.0% $106
4.0% $108
5.0% $111
6.0% $113
7.0% $115
8.0% $117
9.0% $119
10.0% $122
Payments by Amount Down
Down Monthly Payment
$0 $136
$500 $125
$1,000 $113
$1,500 $102
$2,000 $91
$2,500 $79
Payments by Loan Length
Length Payment
24 months $209
36 months $142
48 months $109
60 months $89
72 months $76
84 months $66

Can I afford a $6,000 car?

Is your salary enough to buy a $6,000 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 $6,000 vehicle, this would mean saving up $1,200.
  • 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 $6,000, you would need to make at least $15,000 per year.