$60,200 Car Loan

What's the monthly payment on a $60,200 car?
$
$
%
Monthly payment = $1,093
Total yearly payments = $13,114
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,045
3.0% $1,066
4.0% $1,087
5.0% $1,109
6.0% $1,131
7.0% $1,153
8.0% $1,176
9.0% $1,198
10.0% $1,221
Payments by Amount Down
Down Monthly Payment
$0 $1,366
$2,000 $1,321
$5,000 $1,253
$8,000 $1,184
$10,000 $1,139
$15,000 $1,026
Payments by Loan Length
Length Payment
24 months $2,097
36 months $1,427
48 months $1,093
60 months $892
72 months $759
84 months $664

Can I afford a $60,200 car?

Is your salary enough to buy a $60,200 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 $60,200 vehicle, this would mean saving up $12,040.
  • 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 $60,200, you would need to make at least $150,500 per year.