$7,400 Car Loan

What's the monthly payment on a $7,400 car?
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%
Monthly payment = $134
Total yearly payments = $1,612
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $128
3.0% $131
4.0% $134
5.0% $136
6.0% $139
7.0% $142
8.0% $145
9.0% $147
10.0% $150
Payments by Amount Down
Down Monthly Payment
$0 $168
$500 $157
$1,000 $145
$1,500 $134
$2,000 $123
$2,500 $111
Payments by Loan Length
Length Payment
24 months $258
36 months $175
48 months $134
60 months $110
72 months $93
84 months $82

Can I afford a $7,400 car?

Is your salary enough to buy a $7,400 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 $7,400 vehicle, this would mean saving up $1,480.
  • 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 $7,400, you would need to make at least $18,500 per year.