$87,000 Car Loan

What's the monthly payment on a $87,000 car?
$
$
%
Monthly payment = $1,579
Total yearly payments = $18,952
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,510
3.0% $1,541
4.0% $1,572
5.0% $1,603
6.0% $1,635
7.0% $1,667
8.0% $1,699
9.0% $1,732
10.0% $1,765
Payments by Amount Down
Down Monthly Payment
$0 $1,974
$2,000 $1,929
$5,000 $1,861
$8,000 $1,793
$10,000 $1,747
$15,000 $1,634
Payments by Loan Length
Length Payment
24 months $3,030
36 months $2,063
48 months $1,579
60 months $1,290
72 months $1,097
84 months $959

Can I afford a $87,000 car?

Is your salary enough to buy a $87,000 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 $87,000 vehicle, this would mean saving up $17,400.
  • 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 $87,000, you would need to make at least $217,500 per year.