How much is a 30k car payment? (2024)

How much is a 30k car payment?

If you have been qualified for a $30,000 car loan, the monthly payment depends on the amount of the down payment, interest rate, and loan length. For example, with a down payment of $2,500, an interest rate of 5%, and a loan length of three years, you will have to pay $824.20/month.

How much money should you have to buy a $30000 car?

The widely accepted answer to how much down payment is needed to buy a car is 20% of the purchase price. So, if you are buying a car that costs $30,000, you need $6,000 as the down payment. However, well-qualified buyers may be able to take advantage of “low money down” offers from manufacturers in some cases.

How much is a downpayment on a 30k car?

Consider putting at least $6,000 down on a $30,000 car if you're buying it new or at least $3,000 if you're buying it used. This follows the guidelines of a 20% down payment for a new car or a 10% down payment for a used car.

What is a good credit score for a 30k car?

A credit score above 660 will typically allow you to qualify for an auto loan without a hassle. A credit score of 781 and above will typically allow you to qualify for the most competitive rates, which could save you thousands of dollars in interest.

How much is a 25k car payment?

Example 2: A $25,000.00 secured personal loan financed for 60 months at an interest rate of 8.500% would yield an APR* (Annual Percentage Rate) of 8.496% and 59 monthly payments of $512.87 and 1 final payment of $513.24.

How much is a 30000 car payment for 60 months?

Payment Example: $30,000 at 7.79% APR* for 60 months equals $605.28/month.

What is considered 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 the average car payment in 2023?

Visit your My NerdWallet Settings page to see all the writers you're following. The average monthly car loan payment in the U.S. is $726 for new vehicles and $533 for used ones originated in the third quarter of 2023, according to credit reporting agency Experian.

Is 500 enough for a downpayment on a car?

Putting $500 of money down may get you approved, but it will not take you far. You will be faced with a big loan amount. The appropriate amount of down payment will differ from lender to lender. However, you should at least put down $1000 or 20% of the car's value.

Is $2,000 enough for a downpayment on a car?

A rule of thumb for down payments on new car loans is 20% of the purchase price, which helps you avoid owing more on the loan than the car is worth. It's best to put as little money down as possible when leasing a car.

How much a month is a 30000 car loan?

How much would a $30,000 car cost per month? This all depends on the sales tax, the down payment, the interest rate and the length of the loan. But just as a ballpark estimate, assuming $3,000 down, an interest rate of 5.8% and a 60-month loan, the monthly payment would be about $520.

Can I get a 30k car with a 650 credit score?

Yes, it's possible to get a car loan with a 650 credit score, although your rates might not be as good as those for an applicant with better credit. If you shop around and aren't happy with the interest rates you're quoted, you might consider working on your credit before taking out a loan.

How much can you borrow with a 700 credit score?

You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

How much is 30 000 at 5 for 72 months?

The total interest amount on a $30,000, 72-month loan at 5% is $4,787—a savings of more than $1,000 versus the same loan at 6%.

How much is a 30000 car payment for 48 months?

For example, if you have a loan for $30,000 with an 8% interest rate over 48 months, your monthly payment would be $733. Over the life of the loan, you would be paying $5,145 in interest on top of the $30,000 principal loan amount.

How much is a 20k car payment a month?

Payments would be around $377 per month. According to the results, it will take you 60 months, an interest rate of 5% of $2,645, to fully pay your $20,000 car loan.

What are the disadvantages of a large down payment on a car?

What are the disadvantages of a large down payment? Providing more money down doesn't guarantee a lower interest rate, and it can cut into your savings.

How much should my car payment be if I make $60000 a year?

How much should I spend on a car if I make $60,000? If your gross salary is $60,000, your take-home monthly pay is probably around $3,750, assuming about 25% of your pay goes toward taxes and other expenses. Based on the 10-15% calculation, you should spend no more than $562.50 on a monthly car payment.

Is $700 a month a lot for a car payment?

The average new car payment has just hit $700 a month, with some paying $1,000. Some ways to lower that price. Remember just a few years ago when a car loan was $300 a month?

Is $750 a month for a car good?

The average monthly payment for new vehicles hit a record high of $730 during the first quarter of 2023, according to Edmunds. So if you're now on the hook for $750, it may just be that you had to buy a larger car, like a minivan or SUV, to accommodate a bigger family.

What is a bad car payment?

Financial experts recommend spending no more than 10% of your monthly take-home pay on your car payment and no more than 15% to 20% on total car costs such as gas, insurance and maintenance as well as the payment.

Is a $500 car payment too much?

How much should you spend on a car? Whether you're taking out an auto loan or a personal loan to pay for your car, it's a good idea to limit your car payments to between 10% and 15% of your take-home pay. If you take home $4,000 per month, you'd want your car payment to be no more than $400 to $600.

Is 2023 a good year to buy a car?

Changes in the Automotive Industry. To be blunt, 2023 isn't a year for car-buying bargains. The global pandemic reshaped the automotive industry, and changes will continue as we progress deeper into the decade.

Why are monthly car payments so high?

More recently, rising interest rates—a result of the Federal Reserve's campaign of anti-inflation rate hikes—have driven auto loan rates to their highest in decades. Car buyers last quarter paid an average interest rate of 7.4% for new vehicles and 11.2% for used, both the highest since 2007, according to Edmunds.

What is the average car payment in America right now?

Car payment statistics

The average monthly car payment for new cars is $726. The average monthly car payment for used cars is $533. 39.20 percent of vehicles financed in the third quarter of 2023 were new vehicles. 60.80 percent of vehicles financed in the third quarter of 2023 were used vehicles.

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