$68,500 Car Loan
What’s the monthly payment on a $68,500 car?
Purchase Price
$
Down Payment
$
Interest Rate
%
Loan Term
24 months
36 months
48 months
60 months
72 months
84 months
Monthly payment = $1,243
Total yearly payments = $14,922
Payments by Interest Rate
Interest Rate | Monthly Payment |
---|---|
2.0% | $1,189 |
3.0% | $1,213 |
4.0% | $1,237 |
5.0% | $1,262 |
6.0% | $1,287 |
7.0% | $1,312 |
8.0% | $1,338 |
9.0% | $1,364 |
10.0% | $1,390 |
Payments by Amount Down
Down | Monthly Payment |
---|---|
$0 | $1,554 |
$2,000 | $1,509 |
$5,000 | $1,441 |
$8,000 | $1,373 |
$10,000 | $1,327 |
$15,000 | $1,214 |
Payments by Loan Length
Length | Payment |
---|---|
24 months | $2,386 |
36 months | $1,624 |
48 months | $1,243 |
60 months | $1,015 |
72 months | $864 |
84 months | $755 |
Can I afford a $68,500 car?
What’s the salary needed for a $68,500 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 $68,500 vehicle, this would mean saving up $13,700.
- 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 $68,500, you would need to make at least $171,250 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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