$62,200 Car Loan

What's the monthly payment on a $62,200 car?
$
$
%
Monthly payment = $1,129
Total yearly payments = $13,549
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,080
3.0% $1,101
4.0% $1,124
5.0% $1,146
6.0% $1,169
7.0% $1,192
8.0% $1,215
9.0% $1,238
10.0% $1,262
Payments by Amount Down
Down Monthly Payment
$0 $1,411
$2,000 $1,366
$5,000 $1,298
$8,000 $1,230
$10,000 $1,184
$15,000 $1,071
Payments by Loan Length
Length Payment
24 months $2,166
36 months $1,475
48 months $1,129
60 months $922
72 months $784
84 months $686

Can I afford a $62,200 car?

Is your salary enough to buy a $62,200 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 $62,200 vehicle, this would mean saving up $12,440.
  • 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 $62,200, you would need to make at least $155,500 per year.