$62,000 Car Loan

What's the monthly payment on a $62,000 car?
$
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%
Monthly payment = $1,125
Total yearly payments = $13,506
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,076
3.0% $1,098
4.0% $1,120
5.0% $1,142
6.0% $1,165
7.0% $1,188
8.0% $1,211
9.0% $1,234
10.0% $1,258
Payments by Amount Down
Down Monthly Payment
$0 $1,407
$2,000 $1,361
$5,000 $1,293
$8,000 $1,225
$10,000 $1,180
$15,000 $1,066
Payments by Loan Length
Length Payment
24 months $2,159
36 months $1,470
48 months $1,125
60 months $919
72 months $782
84 months $684

Can I afford a $62,000 car?

Is your salary enough to buy a $62,000 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 $62,000 vehicle, this would mean saving up $12,400.
  • 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 $62,000, you would need to make at least $155,000 per year.