$800 Car Loan

What's the monthly payment on a $800 car?
$
$
%
Monthly payment = $15
Total yearly payments = $174
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $14
3.0% $14
4.0% $14
5.0% $15
6.0% $15
7.0% $15
8.0% $16
9.0% $16
10.0% $16
Payments by Amount Down
Down Monthly Payment
$0 $18
$100 $16
$200 $14
$400 $9
$600 $5
$800 $0
Payments by Loan Length
Length Payment
24 months $28
36 months $19
48 months $15
60 months $12
72 months $10
84 months $9

Can I afford a $800 car?

Is your salary enough to buy a $800 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 $800 vehicle, this would mean saving up $160.
  • 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 $800, you would need to make at least $2,000 per year.