Payment on $20,000 by rate and term
Financing $18,000 after a 10% deposit of $2,000. Your rate depends on your credit, and it matters more than most buyers expect.
| Rate | 4 years | 5 years | 6 years |
|---|---|---|---|
| 4% | $406.42 | $331.50 | $281.61 |
| 5.5% | $418.62 | $343.82 | $294.08 |
| 7.2% | $432.70 | $358.12 | $308.61 |
| 9% | $447.93 | $373.65 | $324.46 |
| 11% | $465.22 | $391.36 | $342.61 |
| 14% | $491.88 | $418.83 | $370.90 |
How the deposit changes it
| Down payment | Financed | Monthly | Total interest |
|---|---|---|---|
| 0% ($0) | $20,000 | $397.91 | $3,875 |
| 10% ($2,000) | $18,000 | $358.12 | $3,487 |
| 20% ($4,000) | $16,000 | $318.33 | $3,100 |
At 7.2% over 5 years, before sales tax.
Frequently asked questions
What is the monthly payment on a $20,000 car?
About $358.12 a month with 10% down at 7.2% over 5 years, financing $18,000. Total interest is $3,487.
How much do I need to put down on a $20,000 car?
Nothing is required, but every dollar down reduces the payment. With no deposit the payment is $397.91; at 20% down ($4,000) it falls to $318.33 and saves $775 in interest.
What credit score do I need for a $20,000 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 $331.50 over 5 years, and at 14% it is $418.83 for exactly the same car.
Other car prices
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