$60,400 Car Loan

What's the monthly payment on a $60,400 car?
$
$
%
Monthly payment = $1,096
Total yearly payments = $13,157
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,048
3.0% $1,070
4.0% $1,091
5.0% $1,113
6.0% $1,135
7.0% $1,157
8.0% $1,180
9.0% $1,202
10.0% $1,226
Payments by Amount Down
Down Monthly Payment
$0 $1,371
$2,000 $1,325
$5,000 $1,257
$8,000 $1,189
$10,000 $1,144
$15,000 $1,030
Payments by Loan Length
Length Payment
24 months $2,104
36 months $1,432
48 months $1,096
60 months $895
72 months $761
84 months $666

Can I afford a $60,400 car?

Is your salary enough to buy a $60,400 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 $60,400 vehicle, this would mean saving up $12,080.
  • 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 $60,400, you would need to make at least $151,000 per year.