# How much is a car payment on a \$30000 loan?

For example, the total interest on a \$30,000, 60-month loan at 4% would be \$3,150. So, your monthly payment would be \$552.50 (\$30,000 + \$3,150 ÷ 60 = \$552.50).

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## Moreover, how much is a 25000 car loan a month?

Your new loan amount would be \$25,000, your monthly payment would be \$452, and you’d pay \$2,113 in total interest charges.

Subsequently, how much should I put down on a car? When it comes to a down payment on a new car, you should try to cover at least 20% of the purchase price. For a used car, a 10% down payment might do. Part of your decision will depend on where your credit score stands.

## Just so, how much should you put down on a 25000 car?

The vehicle’s price determines how much cash you should put down

Vehicle Price 15% Down 20% Down
\$20,000 \$3,000 \$4,000
\$25,000 \$3,750 \$5,000
\$30,000 \$4,500 \$6,000
\$35,000 \$5,250 \$7,000

## How much would a \$40 000 car payment be?

For \$40,000 loans, monthly payments averagely range between \$900 and \$1,000, depending on the interest rate and loan term. With an interest rate of 6% and a down payment of \$2500, your monthly payment for a \$450,000 car loan over a term of 72 months will be \$7,859 per month.

## How old of a car can I finance for 72 months?

Typically, a bank won’t finance any vehicle older than 10 years, even if you have good credit.

## Is \$500 a month a lot for a car payment?

The average new car payment in America has crept above the \$500 per month mark for the fist time, settling in at \$503, according to a recent study by Experian. … If you have to finance your new car purchase over 73 to 84 months, you can’t afford the car. Buy something cheaper — much cheaper.

## Is 5 years car loan too long?

The average life of a car is about 9.4 years, so a loan of more than 5 years can leave you unable to sell for most of the car’s life.

## Is 72 months too long for a car loan?

The most common term currently is for 72 months, with an 84-month loan not too far behind. In fact, nearly 70% of new car loans in the first quarter of 2020 were longer than 60 months — an increase of about 29 percentage points in a decade. The trend is similar for used car loans.

## Is 800 too much for car payment?

Experts say your total car expenses, including monthly payments, insurance, gas and maintenance, should be about 20 percent of your take-home monthly pay. … Then a safe estimate for car expenses is \$800 per month.

## Is a 3% car loan good?

According to Middletown Honda, depending on your credit score, good car loan interest rates can range anywhere from 3 percent to almost 14 percent. However, most three-year car loans for someone with an average to above-average credit score come with a roughly 3 percent to 4.5 percent interest rate.

## Is it worth putting money down on a car?

Putting money down on a vehicle has plenty of advantages. The larger the down payment, the lower your monthly payment will be—and you’ll probably get a better interest rate, to boot. … A larger down payment also helps you build equity faster and protects you and the lender against depreciation and potential loss.

## What is a good monthly car payment?

The average monthly car payment was \$568 for a new vehicle and \$397 for used vehicles in the U.S. during the second quarter of 2020, according to Experian data. The average lease payment was \$467 a month in the same period.

## What is 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.

## What is a typical car loan payment?

Key facts about auto loans

The average monthly car payment in the U.S. is \$563 for new vehicles, \$397 for used vehicles and \$450 for leased vehicles. Overall, Americans owe nearly \$1.4 trillion in auto loan debt. Auto debt makes up 5% of American consumer debt.