How much car loan can I get?
This estimator works out how big a car loan a lender is likely to approve from your income and the share of it they allow for the payment.
How lenders decide the loan amount
Lenders look at your income, existing debts, credit score and the vehicle’s value. Many cap the car payment, or all your monthly debts, as a percentage of income, and they will not lend far above what the car is worth. This estimator uses a single share of gross income for the payment, preset higher than a conservative budget, to show roughly what a lender might allow.
What a lender approves is a ceiling, not a recommendation. Use the car affordability calculator to see a more conservative budget.
How to improve your approval and your rate
Raise your credit score, lower existing debts, add a larger down payment and consider a co-signer. Pre-approval with several lenders in a short window typically counts as one credit inquiry for auto loans, so you can compare without much impact.
Car price by income and loan length
With $2,000 down, 8% APR, 6% tax and a payment capped at 15% of gross income, this is the car price each income supports.
| Gross income | 48 months | 60 months | 72 months |
|---|---|---|---|
| $40,000 | $20,700 | $24,600 | $28,300 |
| $60,000 | $30,300 | $36,300 | $41,700 |
| $80,000 | $40,000 | $47,900 | $55,200 |
| $100,000 | $49,700 | $59,500 | $68,600 |
| $130,000 | $64,200 | $77,000 | $88,800 |
Frequently asked questions
How much car can I afford on a $60,000 income?
At a 10% to 15% payment share, the payment would be $500 to $750 a month. The calculator turns that into a car price for your rate, term and down payment.
Can I get a car loan with a low income?
Often yes, with a smaller loan, a larger down payment or a co-signer. Lenders also check income stability and your debt load.
Related calculators
Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.