$8,000 Car Loan

What's the monthly payment on a $8,000 car?
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%
Monthly payment = $145
Total yearly payments = $1,743
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $139
3.0% $142
4.0% $145
5.0% $147
6.0% $150
7.0% $153
8.0% $156
9.0% $159
10.0% $162
Payments by Amount Down
Down Monthly Payment
$0 $182
$500 $170
$1,000 $159
$1,500 $147
$2,000 $136
$2,500 $125
Payments by Loan Length
Length Payment
24 months $279
36 months $190
48 months $145
60 months $119
72 months $101
84 months $88

Can I afford a $8,000 car?

Is your salary enough to buy a $8,000 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 $8,000 vehicle, this would mean saving up $1,600.
  • 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 $8,000, you would need to make at least $20,000 per year.