FAQs
Provided the down payment is $5,000, the interest rate is 10%, and the loan length is five years, the monthly payment will be $531.18/month. With a $1,000 down payment and an interest rate of 20% with a five year loan, your monthly payment will be $768.32/month.
What credit score is needed for a $30,000 car loan? ›
There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.
How much do you need down for a 30k car? ›
Consider putting at least $6,000 down on a $30,000 car if you're buying it new or at least $3,000 if you're buying it used. This follows the guidelines of a 20% down payment for a new car or a 10% down payment for a used car.
Can I afford a 30k car? ›
One school of thought holds that all your automotive expenses — gas, insurance, car payments — should not exceed 20% of your pretax monthly income. Other experts say that a vehicle that costs roughly half of your annual take-home pay will be affordable.
How much is a $30 000 car loan payment 60 months? ›
How much would a $30,000 car cost per month? This all depends on the sales tax, the down payment, the interest rate and the length of the loan. But just as a ballpark estimate, assuming $3,000 down, an interest rate of 5.8% and a 60-month loan, the monthly payment would be about $520.
How much is a $30,000 car payment for 60 months? ›
If you took out a $30,000 new auto loan for a 60-month term at 5.0% interest, then your monthly payment would be $566.14.
Can I get a 30k car with a 650 credit score? ›
If your credit score is above 620, you are likely to get a car loan with favorable terms. Most loans you can get with a 650 credit score require a down payment and come with terms of 48 months or longer. You can expect average interest rates because 650 is a middle-of-the-road credit score.
Can I get a 30k loan with a 650 credit score? ›
What is the Minimum Credit Score to apply for a Personal Loan? HDFC Bank requires a minimum credit score of 650 to be eligible for Personal Loans. The credit score can vary from bank to bank.
Is it better to get a bank loan to buy a car? ›
You don't need to decide between bank and dealership financing right away. In fact, it's beneficial to check your rates with a bank — and some online lenders — before you visit a dealership. The primary benefit of going directly to a bank or credit union is that you will likely receive lower interest rates.
Is 10k down payment on a 30k car good? ›
A down payment between 10 to 20 percent of the vehicle price is the general recommendation. But if you can afford a larger down payment, you can save even more money on interest payments over the life of the loan. By dropping the amount financed, you save some even before you start negotiating the car price.
As a very simple example, borrowing $32,000 for five years at 6% will require a payment of $618.65 per month, with a total interest payment of $5,118.98 over the life of the loan.
What is a reasonable car payment? ›
In general, it's recommended to spend no more than 10% to 15% of your monthly take-home income on your car payment, and no more than 20% on your total vehicle expenses, including insurance and registration.
What is considered a high car payment? ›
According to experts, a car payment is too high if the car payment is more than 30% of your total income. Remember, the car payment isn't your only car expense! Make sure to consider fuel and maintenance expenses. Make sure your car payment does not exceed 15%-20% of your total income.
How much do I need to make to afford a 40k car? ›
To afford a car that costs $40,000, financial experts suggest that your annual income should be at least 2.5 times the purchase price. This means you would need to make at least $100,000 per year 1 . Additionally, it's recommended to not spend more than 35% of your gross annual income on a car 2 .
How to pay off a 30k car? ›
Paying Off A Car Loan Early
- Refinance. ...
- Don't Skip Payments. ...
- Make Biweekly Payments. ...
- Make Payments On Your Extra Pay Periods. ...
- Round Your Payments Up. ...
- Make One Large Payment Per Year. ...
- Cancel Add-Ons. ...
- Reduce Expenses.
How much is a $35,000 car loan payment for 72 months? ›
If you take out a $35,000 new auto loan for a 72-month term at 4.0% interest, then your monthly payment will be $547.58. Although your monthly payments won't change during the term of your loan, the amount applied to principal versus interest will vary based on the amortization schedule.
How much should my car payment be if I make $60000 a year? ›
If your take-home pay is $60,000 per year, you should pay no more than $750 per month for a car, which totals 15% of your monthly take-home pay.
What is the monthly payment on a $25 000 car loan? ›
Example: A six year fixed-rate loan for a $25,000 new car, with 20% down, requires a $20,000 loan. Based on a simple interest rate of 3.4% and a loan fee of $200, this loan would have 72 monthly payments of $310.54 each and an annual percentage rate (APR) of 3.74%.
What is the monthly payment on a $20,000 car? ›
Payments would be around $377 per month. According to the results, it will take you 60 months, an interest rate of 5% of $2,645, to fully pay your $20,000 car loan. However, the monthly cost of a $20,000 car loan will depend on your repayment period and the annual percentage rate (APR).