$7,000 Car Loan

What's the monthly payment on a $7,000 car?
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%
Monthly payment = $127
Total yearly payments = $1,525
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $121
3.0% $124
4.0% $126
5.0% $129
6.0% $132
7.0% $134
8.0% $137
9.0% $139
10.0% $142
Payments by Amount Down
Down Monthly Payment
$0 $159
$500 $147
$1,000 $136
$1,500 $125
$2,000 $113
$2,500 $102
Payments by Loan Length
Length Payment
24 months $244
36 months $166
48 months $127
60 months $104
72 months $88
84 months $77

Can I afford a $7,000 car?

Is your salary enough to buy a $7,000 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 $7,000 vehicle, this would mean saving up $1,400.
  • 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 $7,000, you would need to make at least $17,500 per year.