What is a Car Payment?
A car payment is the monthly payment on a loan to buy a car. The monthly payment depends on 1) the cost of the car, 2) the interest rate, and 3) the term, or length of the loan. The term of a car loan can be short, such as 3 years (36 months), or long such as 5 years (60 months). The monthly payment will be much lower on a loan with a longer term.How Much is a Car Payment?
Typical car payments on an older used car can be as low as $200 per month. Car payments on a new car typically start at about $300 per month and can be as much as $700 per month or more for SUVs or luxury vehicles.Recommended Reading:
How to Turn Your Car Payment into 1 Million Dollars
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