$62,900 Car Loan

What's the monthly payment on a $62,900 car?
$
$
%
Monthly payment = $1,142
Total yearly payments = $13,702
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,092
3.0% $1,114
4.0% $1,136
5.0% $1,159
6.0% $1,182
7.0% $1,205
8.0% $1,228
9.0% $1,252
10.0% $1,276
Payments by Amount Down
Down Monthly Payment
$0 $1,427
$2,000 $1,382
$5,000 $1,314
$8,000 $1,246
$10,000 $1,200
$15,000 $1,087
Payments by Loan Length
Length Payment
24 months $2,191
36 months $1,491
48 months $1,142
60 months $932
72 months $793
84 months $694

Can I afford a $62,900 car?

Is your salary enough to buy a $62,900 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 $62,900 vehicle, this would mean saving up $12,580.
  • 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 $62,900, you would need to make at least $157,250 per year.