$62,300 Car Loan

What's the monthly payment on a $62,300 car?
$
$
%
Monthly payment = $1,131
Total yearly payments = $13,571
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,081
3.0% $1,103
4.0% $1,125
5.0% $1,148
6.0% $1,170
7.0% $1,193
8.0% $1,217
9.0% $1,240
10.0% $1,264
Payments by Amount Down
Down Monthly Payment
$0 $1,414
$2,000 $1,368
$5,000 $1,300
$8,000 $1,232
$10,000 $1,187
$15,000 $1,073
Payments by Loan Length
Length Payment
24 months $2,170
36 months $1,477
48 months $1,131
60 months $924
72 months $785
84 months $687

Can I afford a $62,300 car?

Is your salary enough to buy a $62,300 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 $62,300 vehicle, this would mean saving up $12,460.
  • 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 $62,300, you would need to make at least $155,750 per year.