$98,500 Car Loan

What's the monthly payment on a $98,500 car?
$
$
%
Monthly payment = $1,788
Total yearly payments = $21,457
Payments by Interest Rate
Interest Rate Monthly Payment
2.0% $1,710
3.0% $1,744
4.0% $1,779
5.0% $1,815
6.0% $1,851
7.0% $1,887
8.0% $1,924
9.0% $1,961
10.0% $1,999
Payments by Amount Down
Down Monthly Payment
$0 $2,235
$2,000 $2,190
$5,000 $2,122
$8,000 $2,054
$10,000 $2,008
$15,000 $1,895
Payments by Loan Length
Length Payment
24 months $3,431
36 months $2,335
48 months $1,788
60 months $1,460
72 months $1,242
84 months $1,086

Can I afford a $98,500 car?

Is your salary enough to buy a $98,500 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 $98,500 vehicle, this would mean saving up $19,700.
  • 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 $98,500, you would need to make at least $246,250 per year.