$6,200 Car Loan

What's the monthly payment on a $6,200 car?
$
$
%
Monthly payment = $113
Total yearly payments = $1,351
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $108
3.0% $110
4.0% $112
5.0% $114
6.0% $116
7.0% $119
8.0% $121
9.0% $123
10.0% $126
Payments by Amount Down
Down Monthly Payment
$0 $141
$500 $129
$1,000 $118
$1,500 $107
$2,000 $95
$2,500 $84
Payments by Loan Length
Length Payment
24 months $216
36 months $147
48 months $113
60 months $92
72 months $78
84 months $68

Can I afford a $6,200 car?

Is your salary enough to buy a $6,200 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 $6,200 vehicle, this would mean saving up $1,240.
  • 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 $6,200, you would need to make at least $15,500 per year.
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