$26,500 Car Loan
What’s the monthly payment on a $26,500 car?
Purchase Price
$
Down Payment
$
Interest Rate
%
Loan Term
24 months
36 months
48 months
60 months
72 months
84 months
Monthly payment = $481
Total yearly payments = $5,773
Payments by Interest Rate
| Interest Rate | Monthly Payment |
|---|---|
| 2.0% | $460 |
| 3.0% | $469 |
| 4.0% | $479 |
| 5.0% | $488 |
| 6.0% | $498 |
| 7.0% | $508 |
| 8.0% | $518 |
| 9.0% | $528 |
| 10.0% | $538 |
Payments by Amount Down
| Down | Monthly Payment |
|---|---|
| $0 | $601 |
| $1,000 | $579 |
| $2,500 | $545 |
| $5,000 | $488 |
| $7,500 | $431 |
| $10,000 | $374 |
Payments by Loan Length
| Length | Payment |
|---|---|
| 24 months | $923 |
| 36 months | $628 |
| 48 months | $481 |
| 60 months | $393 |
| 72 months | $334 |
| 84 months | $292 |
Can I afford a $26,500 car?
What’s the salary needed for a $26,500 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 $26,500 vehicle, this would mean saving up $5,300.
- 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 $26,500, you would need to make at least $66,250 per year.
Yearly Household Spending on Transportation
Source: U.S. Bureau of Labor Statistics, 2018–2019
| Metro Area | Spending |
|---|---|
| Washington, D.C. | $13,646 |
| Anchorage | $13,313 |
| Baltimore | $13,255 |
| Phoenix | $12,525 |
| Houston | $12,352 |
| Denver | $12,331 |
| Boston | $11,779 |
| San Diego | $11,704 |
| Seattle | $11,506 |
| Detroit | $11,260 |
| Philadelphia | $11,136 |
| St. Louis | $11,123 |
| San Francisco | $11,103 |
| Minneapolis | $11,049 |
| Los Angeles | $10,959 |
| Miami | $10,915 |
| Tampa | $10,692 |
| Dallas | $10,472 |
| Atlanta | $9,862 |
| New York | $9,255 |
| Chicago | $9,084 |
| Honolulu | $8,403 |
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