$6,300 Car Loan
What's the monthly payment on a $6,300 car or truck?
After down payment, the auto loan will be $5,040.
At 5.95% interest with a 48 month loan:
Monthly payment = $118
Total yearly payments = $1,419
Payments by Interest Rate
Payments by Amount Down
Down |
Monthly |
$0 |
$148 |
$500 |
$136 |
$1,000 |
$124 |
$1,500 |
$113 |
$2,000 |
$101 |
$2,500 |
$89 |
Can I afford a $6,300 car?
What's the salary needed for a $6,300 vehicle? A general rule of thumb for buying a car or truck is the 20 / 4 / 10 rule.
20 / 4 / 10 Rule:
- Make a down payment of at least 20% cash. For a $6,300 vehicle, this would mean saving up $1,260.
- 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 $6,300, you would need to make at least $15,750 per year.
Yearly Household Spending on Transportation
Metro Area |
Spending |
Washington, D.C. | $13,646 |
Anchorage | $13,313 |
Baltimore | $13,255 |
Phoenix | $12,525 |
Houston | $12,352 |
Denver | $12,331 |
Boston | $11,779 |
San Diego | $11,704 |
Seattle | $11,506 |
Detroit | $11,260 |
Philadelphia | $11,136 |
St. Louis | $11,123 |
San Francisco | $11,103 |
Minneapolis | $11,049 |
Los Angeles | $10,959 |
Miami | $10,915 |
Tampa | $10,692 |
Dallas | $10,472 |
Atlanta | $9,862 |
New York | $9,255 |
Chicago | $9,084 |
Honolulu | $8,403 |