$7,500 Car Loan

What's the monthly payment on a $7,500 car?
$
$
%
Monthly payment = $136
Total yearly payments = $1,634
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $130
3.0% $133
4.0% $135
5.0% $138
6.0% $141
7.0% $144
8.0% $146
9.0% $149
10.0% $152
Payments by Amount Down
Down Monthly Payment
$0 $170
$500 $159
$1,000 $147
$1,500 $136
$2,000 $125
$2,500 $113
Payments by Loan Length
Length Payment
24 months $261
36 months $178
48 months $136
60 months $111
72 months $95
84 months $83

Can I afford a $7,500 car?

Is your salary enough to buy a $7,500 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 $7,500 vehicle, this would mean saving up $1,500.
  • 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 $7,500, you would need to make at least $18,750 per year.