$88,000 Car Loan

What's the monthly payment on a $88,000 car?
$
$
%
Monthly payment = $1,597
Total yearly payments = $19,169
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,527
3.0% $1,558
4.0% $1,590
5.0% $1,621
6.0% $1,653
7.0% $1,686
8.0% $1,719
9.0% $1,752
10.0% $1,786
Payments by Amount Down
Down Monthly Payment
$0 $1,997
$2,000 $1,951
$5,000 $1,883
$8,000 $1,815
$10,000 $1,770
$15,000 $1,656
Payments by Loan Length
Length Payment
24 months $3,065
36 months $2,086
48 months $1,597
60 months $1,304
72 months $1,109
84 months $970

Can I afford a $88,000 car?

Is your salary enough to buy a $88,000 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 $88,000 vehicle, this would mean saving up $17,600.
  • 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 $88,000, you would need to make at least $220,000 per year.