Payment on $15,000 by rate and term
Financing $13,500 after a 10% deposit of $1,500. Your rate depends on your credit, and it matters more than most buyers expect.
| Rate | 4 years | 5 years | 6 years |
|---|---|---|---|
| 4% | $304.82 | $248.62 | $211.21 |
| 5.5% | $313.96 | $257.87 | $220.56 |
| 7.2% | $324.53 | $268.59 | $231.46 |
| 9% | $335.95 | $280.24 | $243.34 |
| 11% | $348.91 | $293.52 | $256.96 |
| 14% | $368.91 | $314.12 | $278.18 |
How the deposit changes it
| Down payment | Financed | Monthly | Total interest |
|---|---|---|---|
| 0% ($0) | $15,000 | $298.44 | $2,906 |
| 10% ($1,500) | $13,500 | $268.59 | $2,616 |
| 20% ($3,000) | $12,000 | $238.75 | $2,325 |
At 7.2% over 5 years, before sales tax.
What the term length actually costs
Stretching a car loan lowers the payment and raises the price. On $13,500 financed at 7.2%:
| Term | Monthly | Total interest | Saved vs 84 months |
|---|---|---|---|
| 84 months | $205 | $3,726 | — |
| 72 months | $231 | $3,165 | $561 |
| 60 months | $269 | $2,616 | $1,111 |
| 48 months | $325 | $2,077 | $1,649 |
| 36 months | $418 | $1,551 | $2,176 |
Going from 84 months to 36 costs $213 more a month and saves $2,176 in interest. The longer the term, the longer you owe more than the car is worth — a 84-month loan on a car that depreciates fastest in its first years is the usual route into negative equity.
The 20/4/10 test on $15,000
A common rule of thumb: put 20% down, take no more than a 4-year loan, and keep total transport costs under 10% of gross income. On this price that means $3,000 down and $288 a month over 48 months — which implies a household income of about $34,616 before tax, and that is before fuel, insurance and maintenance.
The 60-month term used elsewhere on this page is longer than the rule allows. That is not a reason to avoid it — most car loans written today are longer — but the table above shows what the extra 12 months cost in interest.
Check what $34,616 looks like after tax where you live — the rule is written against gross pay, but the payment comes out of net.
Frequently asked questions
What is the monthly payment on a $15,000 car?
About $268.59 a month with 10% down at 7.2% over 5 years, financing $13,500. Total interest is $2,616.
How much do I need to put down on a $15,000 car?
Nothing is required, but every dollar down reduces the payment. With no deposit the payment is $298.44; at 20% down ($3,000) it falls to $238.75 and saves $581 in interest.
What credit score do I need for a $15,000 car loan?
Lenders price by risk rather than refusing outright. The rate grid on this page shows what that costs: at 4% the payment is $248.62 over 5 years, and at 14% it is $314.12 for exactly the same car.
Other car prices
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