$61,500 Car Loan

What's the monthly payment on a $61,500 car?
$
$
%
Monthly payment = $1,116
Total yearly payments = $13,397
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,067
3.0% $1,089
4.0% $1,111
5.0% $1,133
6.0% $1,155
7.0% $1,178
8.0% $1,201
9.0% $1,224
10.0% $1,248
Payments by Amount Down
Down Monthly Payment
$0 $1,396
$2,000 $1,350
$5,000 $1,282
$8,000 $1,214
$10,000 $1,169
$15,000 $1,055
Payments by Loan Length
Length Payment
24 months $2,142
36 months $1,458
48 months $1,116
60 months $912
72 months $775
84 months $678

Can I afford a $61,500 car?

Is your salary enough to buy a $61,500 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 $61,500 vehicle, this would mean saving up $12,300.
  • 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 $61,500, you would need to make at least $153,750 per year.