# Best answer: What is the payment on a 20000 car loan?

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## How much are payments on a 20000 car?

For instance, using our loan calculator, if you buy a \$20,000 vehicle at 5% APR for 60 months the monthly payment would be \$377.42 and you would pay \$2,645.48 in interest.

## How much is a 20k car loan a month?

If you borrow \$20,000 at 5.00% for 5 years, your monthly payment will be \$377.42.

## What is the monthly payment on a 25000 car loan?

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

## What is the monthly payment on a \$30000 car?

A \$30,000 car, roughly \$600 a month.

## How much car can I afford on 50k salary?

Dave Ramsey takes a balance sheet approach. Rather than looking at monthly transportation costs, Dave recommends buying cars that cost no more than 50% of your annual income. So if you make \$50,000 a year, you should not spend more than \$25,000 for a car(s).

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## Is 4.99 a good car loan rate?

As of August 2019, anything under 5% is going to be a good auto loan rate, and anything under 4% would be excellent. If your current rate is higher than this and you have decent credit, you may be able to refinance to a lower rate.

## How much are payments on a \$10000 loan?

In another scenario, the \$10,000 loan balance and five-year loan term stay the same, but the APR is adjusted, resulting in a change in the monthly loan payment amount.

How your loan term and APR affect personal loan payments.

Your payments on a \$10,000 personal loan
Monthly payments \$201 \$379
Interest paid \$2,060 \$12,712

## How high is too high for a 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 cheapest way to borrow money?

Depending on your needs the cheapest way to borrow money will most likely be a personal loan or a credit card. These aren’t the only ways of getting hold of money, however. You can also use a bank current account overdraft or borrow against the value of your house.

## What is a reasonable car payment?

Many financial experts recommend keeping total car costs below 15% to 20% of your take-home pay. … For example, if your monthly paycheck is \$3,000, your car payment would be about \$300 and you’d plan on spending another \$150 on automotive expenses.

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## How can I get a 0 interest car loan?

How to Qualify for 0% Financing

1. Always pay your bills on time.
2. Pay down your credit card balances.
3. Avoid closing old credit cards.
4. Apply for new credit only if you need it.

20.04.2020

## What is a good APR for a car loan?

What is a good APR for a car loan with my credit score and desired vehicle? If you have excellent credit (750 or higher), the average auto loan rates are 5.07% for a new car and 5.32% for a used car. If you have good credit (700-749), the average auto loan rates are 6.02% for a new car and 6.27% for a used car.

## How much car can I get for 400 a month?

The result is that the car will be a lot more expensive in the end. In the example we’ve given, a car payment of \$400 per month for 5 years (60 months) equates to \$24,000. But the same \$400 per month spread out over 6 years (72 months) is \$28,800, while it’s \$33,600 over 7 years (84 months).

## Is \$1000 a good down payment for a car?

If they’re dealing with less than perfect credit, this person can expect to need around \$1,000 for a down payment. … When it comes to special financing, lenders typical require borrowers to make a down payment of \$1,000 or 10 percent of the car’s selling price, whichever is less.

## What’s the smartest way to buy a car?

Here’s how to buy a car without getting over your head in debt or paying more than you have to.

• Get preapproved for a loan before you set foot in a dealer’s lot. …
• Keep it simple at the dealership. …