$60,000 Car Loan

What's the monthly payment on a $60,000 car?
Purchase Price
$
Down Payment
$
Interest Rate
%
Loan Term
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Monthly payment = $1,089
Total yearly payments = $13,070
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,041
3.0% $1,062
4.0% $1,084
5.0% $1,105
6.0% $1,127
7.0% $1,149
8.0% $1,172
9.0% $1,194
10.0% $1,217
Payments by Amount Down
Down Monthly Payment
$0 $1,361
$2,000 $1,316
$5,000 $1,248
$8,000 $1,180
$10,000 $1,135
$15,000 $1,021
Payments by Loan Length
Length Payment
24 months $2,090
36 months $1,422
48 months $1,089
60 months $889
72 months $756
84 months $662

Can I afford a $60,000 car?

What's the salary needed for a $60,000 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 $60,000 vehicle, this would mean saving up $12,000.
  • 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 $60,000, you would need to make at least $150,000 per year.
Yearly Household Spending on Transportation
Source: U.S. Bureau of Labor Statistics, 2018–2019
Metro Area Spending
Washington, D.C.$13,646
Anchorage$13,313
Baltimore$13,255
Phoenix$12,525
Houston$12,352
Denver$12,331
Boston$11,779
San Diego$11,704
Seattle$11,506
Detroit$11,260
Philadelphia$11,136
St. Louis$11,123
San Francisco$11,103
Minneapolis$11,049
Los Angeles$10,959
Miami$10,915
Tampa$10,692
Dallas$10,472
Atlanta$9,862
New York$9,255
Chicago$9,084
Honolulu$8,403
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