What is the monthly payment on a $30000 vehicle?
With a loan amount of $30,000, an interest rate of 8%, and a loan repayment period of 60-months, your monthly payment is around $700.
Is $300 a month a good car payment?
Calculate the car payment you can afford NerdWallet recommends spending no more than 10% of your take-home pay on your monthly auto loan payment. So if your after-tax pay each month is $3,000, you could afford a $300 car payment.
How much is a $20000 car payment over 5 years?
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43.
Is $600 too much for a car payment?
Auto loan payments are calculated using several factors, including your credit score, the APR you've qualified for, the length of the loan term, and more. However, given the average rates and payments today, any amount above $600 can be considered too much to pay on your car loan.