$900 Car Loan

What's the monthly payment on a $900 car?
$
$
%
Monthly payment = $16
Total yearly payments = $196
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $16
3.0% $16
4.0% $16
5.0% $17
6.0% $17
7.0% $17
8.0% $18
9.0% $18
10.0% $18
Payments by Amount Down
Down Monthly Payment
$0 $20
$100 $18
$200 $16
$400 $11
$600 $7
$800 $2
Payments by Loan Length
Length Payment
24 months $31
36 months $21
48 months $16
60 months $13
72 months $11
84 months $10

Can I afford a $900 car?

Is your salary enough to buy a $900 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 $900 vehicle, this would mean saving up $180.
  • 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 $900, you would need to make at least $2,250 per year.