$60,700 Car Loan

What's the monthly payment on a $60,700 car?
$
$
%
Monthly payment = $1,102
Total yearly payments = $13,223
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,054
3.0% $1,075
4.0% $1,096
5.0% $1,118
6.0% $1,140
7.0% $1,163
8.0% $1,185
9.0% $1,208
10.0% $1,232
Payments by Amount Down
Down Monthly Payment
$0 $1,377
$2,000 $1,332
$5,000 $1,264
$8,000 $1,196
$10,000 $1,150
$15,000 $1,037
Payments by Loan Length
Length Payment
24 months $2,114
36 months $1,439
48 months $1,102
60 months $900
72 months $765
84 months $669

Can I afford a $60,700 car?

Is your salary enough to buy a $60,700 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 $60,700 vehicle, this would mean saving up $12,140.
  • 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 $60,700, you would need to make at least $151,750 per year.