$98,000 Car Loan

What's the monthly payment on a $98,000 car?
$
$
%
Monthly payment = $1,779
Total yearly payments = $21,348
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,701
3.0% $1,735
4.0% $1,770
5.0% $1,805
6.0% $1,841
7.0% $1,877
8.0% $1,914
9.0% $1,951
10.0% $1,988
Payments by Amount Down
Down Monthly Payment
$0 $2,224
$2,000 $2,178
$5,000 $2,110
$8,000 $2,042
$10,000 $1,997
$15,000 $1,883
Payments by Loan Length
Length Payment
24 months $3,413
36 months $2,323
48 months $1,779
60 months $1,453
72 months $1,236
84 months $1,081

Can I afford a $98,000 car?

Is your salary enough to buy a $98,000 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 $98,000 vehicle, this would mean saving up $19,600.
  • 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 $98,000, you would need to make at least $245,000 per year.