$29,000 Car Loan

What's the monthly payment on a $29,000 car?

Purchase Price

Down Payment

Interest Rate

Loan Term

Monthly payment = $526

Total yearly payments = $6,317

Payments by Interest Rate

Payments by Amount Down

Down Monthly Payment $0 $658 $1,000 $635 $2,500 $601 $5,000 $545 $7,500 $488 $10,000 $431

Payments by Loan Length

Can I afford a $29,000 car?

What's the salary needed for a $29,000 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 $29,000 vehicle, this would mean saving up $5,800.
• 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 $29,000, you would need to make at least $72,500 per year.

Yearly Household Spending on Transportation

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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