How much car can I afford for $1,000 a month?
A $1,000 monthly car payment buys a car of about $50,002 with $3,000 down and a 60-month loan at 7% APR. Try your own price below.
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Car price for a $1,000 a month payment, by loan term
Prices include 7% sales tax and assume 7% APR.
| Down payment | 36 mo | 48 mo | 60 mo | 72 mo | 84 mo |
|---|---|---|---|---|---|
| $0 | $30,268 | $39,028 | $47,198 | $54,817 | $61,923 |
| $3,000 | $33,071 | $41,832 | $50,002 | $57,621 | $64,726 |
| $5,000 | $34,941 | $43,701 | $51,871 | $59,490 | $66,596 |
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How your interest rate changes what $1,000 a month buys
| APR | 48 months | 60 months | 72 months |
|---|---|---|---|
| 5% | $43,386 | $52,328 | $60,834 |
| 7% | $41,832 | $50,002 | $57,621 |
| 10% | $39,652 | $46,790 | $53,251 |
| 14% | $37,004 | $42,969 | $48,159 |
A $1,000 payment fits comfortably on an income of about $108,000 a year. See how much car you can afford on $110,000 or use the full car affordability calculator.
Frequently asked questions
How much car can I afford for $1,000 a month?
About $50,002 with $3,000 down and a 60-month loan at 7% APR, after 7% sales tax. A 72-month loan stretches that to $57,621, but you pay more interest.
What loan amount does a $1,000 car payment cover?
$50,502 over 60 months at 7% APR, or $41,760 over 48 months.
What income do I need for a $1,000 car payment?
Keeping the payment plus about $350 a month for insurance, gas and upkeep within 15% of gross income needs roughly $108,000 a year.
Other monthly payments
Estimates only. Your lender’s rate and fees decide the final figures.
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