$62,800 Car Loan

What's the monthly payment on a $62,800 car?
$
$
%
Monthly payment = $1,140
Total yearly payments = $13,680
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,090
3.0% $1,112
4.0% $1,134
5.0% $1,157
6.0% $1,180
7.0% $1,203
8.0% $1,227
9.0% $1,250
10.0% $1,274
Payments by Amount Down
Down Monthly Payment
$0 $1,425
$2,000 $1,380
$5,000 $1,312
$8,000 $1,243
$10,000 $1,198
$15,000 $1,085
Payments by Loan Length
Length Payment
24 months $2,187
36 months $1,489
48 months $1,140
60 months $931
72 months $792
84 months $693

Can I afford a $62,800 car?

Is your salary enough to buy a $62,800 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 $62,800 vehicle, this would mean saving up $12,560.
  • 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 $62,800, you would need to make at least $157,000 per year.