What would payments be on a $30,000 car loan?

Asked by: Prof. Jessyca Nader  |  Last update: June 6, 2025
Score: 4.3/5 (35 votes)

Payment Example: $30,000 at 6.24% APR* for 60 months equals $583.33/month.

How much is a $30,000 car monthly payment?

It's total loan amount (including interest) divided by the loan term (number of months you have to repay the loan. For example, the total interest for a $30,000, 60-month loan at 7% would be $6,497.40. So the monthly payment would be $608.29 ($30,000 + $6,497.40 ÷ 60 = $552.50).

What credit score is needed for a $30,000 car loan?

There is no minimum credit score required to buy a car, but most lenders have minimum requirements for financing. Most borrowers need a FICO score of at least 600 to get a competitive rate on an auto loan.

What's a good down payment on a 30k car?

Typical Down Payment: Many people put down between 10% to 20% of the vehicle's price. For a $30000 car, this would be between $3000 and $6000.

Can you finance a 30k car with bad credit?

Finding a car loan with bad credit is possible, but this type of loan will usually have high interest rates. Taking some time to build your credit may help increase your chances of approval and reduce loan costs.

I Bought a $30,000 Car Making $13/Hour (Ramsey Approved?)

21 related questions found

How much is a $32,000 car payment?

As a very simple example, borrowing $32,000 for five years at 6% will require a payment of $618.65 per month, with a total interest payment of $5,118.98 over the life of the loan.

How to pay off a $30,000 car loan fast?

  1. Make bi-weekly payments. Instead of making monthly payments toward your loan, submit half-payments every two weeks. ...
  2. Round up your monthly payments. ...
  3. Make one extra payment each year. ...
  4. Refinance. ...
  5. Boost your income and put all extra money toward the loan.

What are the income requirements for a car loan?

However, for auto loans, lenders usually prefer a debt-to-income ratio below 36%. The minimum income necessary to qualify for an auto loan may vary, but most lenders prefer an applicant to have at least $1,500 to $2,000 in monthly income before taxes.

How much will a 30000 car loan cost?

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.

What is 6% interest on a $30,000 loan?

For example, the interest on a $30,000, 36-month loan at 6% is $2,856. The same loan ($30,000 at 6%) paid back over 72 months would cost $5,797 in interest. Even small changes in your rate can impact how much total interest amount you pay overall.

Is it hard to get a 30k loan?

You can get a $30,000 personal loan from banks, credit unions, online lenders and peer-to-peer lenders. Eligibility requirements vary by lender, but for a loan this size, you'll likely need a good credit score and a high enough income to qualify for the best rates. Prequalifying is key to finding the best offer.

How much should you have saved for a 30k car?

As a general rule of thumb, it's recommended that you put down at least 20% on a new vehicle, and at least 10% on a used car.

Is $300 a month a good car payment?

NerdWallet recommends spending no more than 10% of your take-home pay on your monthly auto loan payment. So if your after-tax pay each month is $3,000, you could afford a $300 car payment. Check if you can really afford the payment by depositing that amount into a savings account for a few months.

How much is the payment on a $35000 car loan for 72 months?

If you take out a $35,000 new auto loan for a 72-month term at 4.0% interest, then your monthly payment will be $547.58. Although your monthly payments won't change during the term of your loan, the amount applied to principal versus interest will vary based on the amortization schedule.

Do car dealers check your income?

Dealerships do request pay stubs and typically review key factors such as authenticating financial information, verifying income, and identifying potential scammers to determine your eligibility for pay stub auto loans.

What is a good 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. If that leaves you feeling you can afford only a beat-up jalopy, don't despair.

What is a good credit score to buy a car with no down payment?

Every lender sets its own requirements for zero-down-payment deals, if they offer them at all. Generally, the credit score needed to buy a car is at least 661 whether you make a down payment or not. You could still get a car loan if your score is lower than 661, but be prepared to pay higher interest rates.

How much would a $30000 car payment be?

A $30,000 auto loan balance with an average interest rate of 5.0% paid over a 5 year term will have a monthly payment of $566.

What happens if I pay an extra $100 a month on my car loan?

Extra payments made on your car loan usually go toward the principal balance, but you'll want to make sure. Some lenders might instead apply the extra money to future payments, including the interest, which is not what you want.

What credit score do you need to get a $30000 car loan?

There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.

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. Depending on the vehicle you choose to buy, 50% can be a lot of money to put down on an auto loan.

How much is a $20,000 car payment a month?

Payment Amount

For example, for a car price of $20,000, a down payment of $4,000, a loan amount of $16,000, a loan term of 48 months, an annual interest rate of 5%, and a start-of-period payment method, your payment amount would be $366.94. You would be paying this amount each month for your auto loan.

Is $800 a month a lot for a car payment?

Step 2: Consult your budget

Experts say your total car expenses, including monthly payments, insurance, gas and maintenance, should be about 20 percent of your take-home monthly pay. For non-math wizards, like me – Let's say your monthly paycheck is $4,000. Then a safe estimate for car expenses is $800 per month.