How much car can I afford for $700 a month?
A $700 monthly car payment buys a car of about $35,842 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 $700 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 | $21,187 | $27,320 | $33,039 | $38,372 | $43,346 |
| $3,000 | $23,991 | $30,123 | $35,842 | $41,176 | $46,150 |
| $5,000 | $25,860 | $31,993 | $37,712 | $43,045 | $48,019 |
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How your interest rate changes what $700 a month buys
| APR | 48 months | 60 months | 72 months |
|---|---|---|---|
| 5% | $31,211 | $37,471 | $43,425 |
| 7% | $30,123 | $35,842 | $41,176 |
| 10% | $28,598 | $33,594 | $38,117 |
| 14% | $26,744 | $30,920 | $34,552 |
A $700 payment fits comfortably on an income of about $84,000 a year. See how much car you can afford on $85,000 or use the full car affordability calculator.
Frequently asked questions
How much car can I afford for $700 a month?
About $35,842 with $3,000 down and a 60-month loan at 7% APR, after 7% sales tax. A 72-month loan stretches that to $41,176, but you pay more interest.
What loan amount does a $700 car payment cover?
$35,351 over 60 months at 7% APR, or $29,232 over 48 months.
What income do I need for a $700 car payment?
Keeping the payment plus about $350 a month for insurance, gas and upkeep within 15% of gross income needs roughly $84,000 a year.
Other monthly payments
Estimates only. Your lender’s rate and fees decide the final figures.
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