$62,700 Car Loan

What's the monthly payment on a $62,700 car?
$
$
%
Monthly payment = $1,138
Total yearly payments = $13,658
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,088
3.0% $1,110
4.0% $1,133
5.0% $1,155
6.0% $1,178
7.0% $1,201
8.0% $1,225
9.0% $1,248
10.0% $1,272
Payments by Amount Down
Down Monthly Payment
$0 $1,423
$2,000 $1,377
$5,000 $1,309
$8,000 $1,241
$10,000 $1,196
$15,000 $1,082
Payments by Loan Length
Length Payment
24 months $2,184
36 months $1,487
48 months $1,138
60 months $929
72 months $790
84 months $691

Can I afford a $62,700 car?

Is your salary enough to buy a $62,700 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 $62,700 vehicle, this would mean saving up $12,540.
  • 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 $62,700, you would need to make at least $156,750 per year.