How much car can I afford for $500 a month?
A $500 monthly car payment buys a car of about $26,403 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 $500 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 | $15,134 | $19,514 | $23,599 | $27,409 | $30,961 |
| $3,000 | $17,938 | $22,318 | $26,403 | $30,212 | $33,765 |
| $5,000 | $19,807 | $24,187 | $28,272 | $32,082 | $35,634 |
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How your interest rate changes what $500 a month buys
| APR | 48 months | 60 months | 72 months |
|---|---|---|---|
| 5% | $23,095 | $27,566 | $31,819 |
| 7% | $22,318 | $26,403 | $30,212 |
| 10% | $21,228 | $24,797 | $28,027 |
| 14% | $19,904 | $22,886 | $25,481 |
A $500 payment fits comfortably on an income of about $68,000 a year. See how much car you can afford on $70,000 or use the full car affordability calculator.
Frequently asked questions
How much car can I afford for $500 a month?
About $26,403 with $3,000 down and a 60-month loan at 7% APR, after 7% sales tax. A 72-month loan stretches that to $30,212, but you pay more interest.
What loan amount does a $500 car payment cover?
$25,251 over 60 months at 7% APR, or $20,880 over 48 months.
What income do I need for a $500 car payment?
Keeping the payment plus about $350 a month for insurance, gas and upkeep within 15% of gross income needs roughly $68,000 a year.
Other monthly payments
Estimates only. Your lender’s rate and fees decide the final figures.
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