$8,800 Car Loan

What's the monthly payment on a $8,800 car?
$
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%
Monthly payment = $160
Total yearly payments = $1,917
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $153
3.0% $156
4.0% $159
5.0% $162
6.0% $165
7.0% $169
8.0% $172
9.0% $175
10.0% $179
Payments by Amount Down
Down Monthly Payment
$0 $200
$500 $188
$1,000 $177
$1,500 $166
$2,000 $154
$2,500 $143
Payments by Loan Length
Length Payment
24 months $306
36 months $209
48 months $160
60 months $130
72 months $111
84 months $97

Can I afford a $8,800 car?

Is your salary enough to buy a $8,800 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 $8,800 vehicle, this would mean saving up $1,760.
  • 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 $8,800, you would need to make at least $22,000 per year.