$700 Car Loan

What's the monthly payment on a $700 car?
$
$
%
Monthly payment = $13
Total yearly payments = $152
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $12
3.0% $12
4.0% $13
5.0% $13
6.0% $13
7.0% $13
8.0% $14
9.0% $14
10.0% $14
Payments by Amount Down
Down Monthly Payment
$0 $16
$100 $14
$200 $11
$400 $7
$600 $2
$800 $-2
Payments by Loan Length
Length Payment
24 months $24
36 months $17
48 months $13
60 months $10
72 months $9
84 months $8

Can I afford a $700 car?

Is your salary enough to buy a $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 $700 vehicle, this would mean saving up $140.
  • 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 $700, you would need to make at least $1,750 per year.