$88,800 Car Loan

What's the monthly payment on a $88,800 car?
$
$
%
Monthly payment = $1,612
Total yearly payments = $19,344
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,541
3.0% $1,572
4.0% $1,604
5.0% $1,636
6.0% $1,668
7.0% $1,701
8.0% $1,734
9.0% $1,768
10.0% $1,802
Payments by Amount Down
Down Monthly Payment
$0 $2,015
$2,000 $1,970
$5,000 $1,902
$8,000 $1,833
$10,000 $1,788
$15,000 $1,675
Payments by Loan Length
Length Payment
24 months $3,093
36 months $2,105
48 months $1,612
60 months $1,316
72 months $1,120
84 months $979

Can I afford a $88,800 car?

Is your salary enough to buy a $88,800 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 $88,800 vehicle, this would mean saving up $17,760.
  • 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 $88,800, you would need to make at least $222,000 per year.