$8,700 Car Loan

What's the monthly payment on a $8,700 car?
$
$
%
Monthly payment = $158
Total yearly payments = $1,895
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $151
3.0% $154
4.0% $157
5.0% $160
6.0% $163
7.0% $167
8.0% $170
9.0% $173
10.0% $177
Payments by Amount Down
Down Monthly Payment
$0 $197
$500 $186
$1,000 $175
$1,500 $163
$2,000 $152
$2,500 $141
Payments by Loan Length
Length Payment
24 months $303
36 months $206
48 months $158
60 months $129
72 months $110
84 months $96

Can I afford a $8,700 car?

Is your salary enough to buy a $8,700 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 $8,700 vehicle, this would mean saving up $1,740.
  • 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 $8,700, you would need to make at least $21,750 per year.