How much are the payments on a $20,000 Car?

Q: How much are the payments on a $20,000 Car?

The monthly car payments on a 20,000 dollar car loan range from $349.24 to $568.28. Payments vary based on your credit score, and the sales tax rate of your state, and whether you are financing a new or a used car.

How Much are Payments on a $20,000 Car?

The car payments on a 20,000 dollar car loan vary based on the type of vehicle, new versus used, your credit score, and the sales tax rate of your state. The monthly car payments on a $20K car loan range from $349.24 to $568.28. Payments vary based on your credit score, and the sales tax rate of your state, and whether you are financing a new or a used car.

Monthly payments displayed for a $20,000 car are based on the out the door price of $22,050.62 which includes average sales tax, DMV fees, Dealer fees, as well as a $0 down payment.

TOTAL COST OF A $20,000 CAR
Car Price	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Out the Door Price	$22,050.62

What are Car Payments on a $20,000 New Car?

With a lower credit score the interest rate increases and the term decreases. For that reason payments on a 20,000 dollar new car loan increase as the credit score decreases. Displayed monthly payments are based on the Out the Door Price of $22,050.62, $0 down and the average Q3 2023 interest rate based on credit score.

Credit	Score	Term	Rate*	Payment	Add Cash	Details
Great Credit	781-850	75	5.61%	$349.24	$0	+ Expand Car Loan Details
Good Credit	661-780	75	6.88%	$362.57	$0	+ Expand Car Loan Details
Fair Credit	601-660	72	9.29%	$400.66	$0	+ Expand Car Loan Details
Poor Credit	501-600	72	11.86%	$429.49	$0	+ Expand Car Loan Details
Bad Credit	300-500	72	14.17%	$456.38	$0	+ Expand Car Loan Details

Item	Amount
Target Deal Price⁽¹⁾	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Cash Sale Price	$22,050.62
Trade-In Value	$0.00
Less Payoff	0.00
Net Trade Allowance	$0.00
Cash Down Payment⁽²⁾	0.00
Factory Rebate Incentive	0.00
Total Down Payment	$0.00
Total Loan Amount	$22,050.62
Interest Rate (APR)⁽³⁾	5.61%
Term / Months⁽³⁾	75
Auto Loan Payment	$349.24

(1) Calculations are based on the target price of $20,000.00. Actual price set by dealer.

(2) Down payment is based the greater of customer input or the amount needed not to exceed the Loan to Value of 130%.

(3) Interest rate of 5.61% and term are based on the national average for a Credit Score Range from 781-850. Actual interest rate and term set by lender.

Item	Amount
Target Deal Price⁽¹⁾	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Cash Sale Price	$22,050.62
Trade-In Value	$0.00
Less Payoff	0.00
Net Trade Allowance	$0.00
Cash Down Payment⁽²⁾	0.00
Factory Rebate Incentive	0.00
Total Down Payment	$0.00
Total Loan Amount	$22,050.62
Interest Rate (APR)⁽³⁾	6.88%
Term / Months⁽³⁾	75
Auto Loan Payment	$362.57

(1) Calculations are based on the target price of $20,000.00. Actual price set by dealer.

(2) Down payment is based the greater of customer input or the amount needed not to exceed the Loan to Value of 125%.

(3) Interest rate of 6.88% and term are based on the national average for a Credit Score Range from 661-780. Actual interest rate and term set by lender.

Item	Amount
Target Deal Price⁽¹⁾	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Cash Sale Price	$22,050.62
Trade-In Value	$0.00
Less Payoff	0.00
Net Trade Allowance	$0.00
Cash Down Payment⁽²⁾	0.00
Factory Rebate Incentive	0.00
Total Down Payment	$0.00
Total Loan Amount	$22,050.62
Interest Rate (APR)⁽³⁾	9.29%
Term / Months⁽³⁾	72
Auto Loan Payment	$400.66

(1) Calculations are based on the target price of $20,000.00. Actual price set by dealer.

(2) Down payment is based the greater of customer input or the amount needed not to exceed the Loan to Value of 120%.

(3) Interest rate of 9.29% and term are based on the national average for a Credit Score Range from 601-660. Actual interest rate and term set by lender.

Item	Amount
Target Deal Price⁽¹⁾	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Cash Sale Price	$22,050.62
Trade-In Value	$0.00
Less Payoff	0.00
Net Trade Allowance	$0.00
Cash Down Payment⁽²⁾	0.00
Factory Rebate Incentive	0.00
Total Down Payment	$0.00
Total Loan Amount	$22,050.62
Interest Rate (APR)⁽³⁾	11.86%
Term / Months⁽³⁾	72
Auto Loan Payment	$429.49

(1) Calculations are based on the target price of $20,000.00. Actual price set by dealer.

(2) Down payment is based the greater of customer input or the amount needed not to exceed the Loan to Value of 115%.

(3) Interest rate of 11.86% and term are based on the national average for a Credit Score Range from 501-600. Actual interest rate and term set by lender.

Item	Amount
Target Deal Price⁽¹⁾	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Cash Sale Price	$22,050.62
Trade-In Value	$0.00
Less Payoff	0.00
Net Trade Allowance	$0.00
Cash Down Payment⁽²⁾	0.00
Factory Rebate Incentive	0.00
Total Down Payment	$0.00
Total Loan Amount	$22,050.62
Interest Rate (APR)⁽³⁾	14.17%
Term / Months⁽³⁾	72
Auto Loan Payment	$456.38

(1) Calculations are based on the target price of $20,000.00. Actual price set by dealer.

(2) Down payment is based the greater of customer input or the amount needed not to exceed the Loan to Value of 110%.

(3) Interest rate of 14.17% and term are based on the national average for a Credit Score Range from 300-500. Actual interest rate and term set by lender.

What are Car Payments on a $20,000 Used Car

When compared to new car loans, used car loans have a higher interest rate and a shorter paybeck term. For that reason payments on a 20,000 dollar used car loan are higher than the same loan amount for a new car. Displayed monthly payments are based on $0 down and the average Q3 2023 interest rate based on credit score.

Credit	Score	UsedTerm	Rate*	Payment	Add Cash	Details
Great Credit	781-850	72	7.43%	$380.51	$0	+ Expand Car Loan Details
Good Credit	661-780	72	9.33%	$401.10	$0	+ Expand Car Loan Details
Fair Credit	601-660	72	13.53%	$448.84	$0	+ Expand Car Loan Details
Poor Credit	501-600	72	18.39%	$507.80	$0	+ Expand Car Loan Details
Bad Credit	300-500	66	21.18%	$568.28	$0	+ Expand Car Loan Details

*Source: Experian Q3 2023

Item	Amount
Target Deal Price⁽¹⁾	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Cash Sale Price	$22,050.62
Trade-In Value	$0.00
Less Payoff	0.00
Net Trade Allowance	$0.00
Cash Down Payment⁽²⁾	0.00
Factory Rebate Incentive	0.00
Total Down Payment	$0.00
Total Loan Amount	$22,050.62
Interest Rate (APR)⁽³⁾	14.17%
Term / Months⁽³⁾	72
Auto Loan Payment	$380.51

(1) Calculations are based on the target price of $20,000.00. Actual price set by dealer.

(2) Down payment is based the greater of customer input or the amount needed not to exceed the Loan to Value of 130%.

(3) Interest rate of 14.17% and term are based on the national average for a Credit Score Range from 781-850. Actual interest rate and term set by lender.

Item	Amount
Target Deal Price⁽¹⁾	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Cash Sale Price	$22,050.62
Trade-In Value	$0.00
Less Payoff	0.00
Net Trade Allowance	$0.00
Cash Down Payment⁽²⁾	0.00
Factory Rebate Incentive	0.00
Total Down Payment	$0.00
Total Loan Amount	$22,050.62
Interest Rate (APR)⁽³⁾	14.17%
Term / Months⁽³⁾	72
Auto Loan Payment	$401.10

(1) Calculations are based on the target price of $20,000.00. Actual price set by dealer.

(2) Down payment is based the greater of customer input or the amount needed not to exceed the Loan to Value of 125%.

(3) Interest rate of 14.17% and term are based on the national average for a Credit Score Range from 661-780. Actual interest rate and term set by lender.

Item	Amount
Target Deal Price⁽¹⁾	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Cash Sale Price	$22,050.62
Trade-In Value	$0.00
Less Payoff	0.00
Net Trade Allowance	$0.00
Cash Down Payment⁽²⁾	0.00
Factory Rebate Incentive	0.00
Total Down Payment	$0.00
Total Loan Amount	$22,050.62
Interest Rate (APR)⁽³⁾	14.17%
Term / Months⁽³⁾	72
Auto Loan Payment	$448.84

(1) Calculations are based on the target price of $20,000.00. Actual price set by dealer.

(2) Down payment is based the greater of customer input or the amount needed not to exceed the Loan to Value of 120%.

(3) Interest rate of 14.17% and term are based on the national average for a Credit Score Range from 601-660. Actual interest rate and term set by lender.

Item	Amount
Target Deal Price⁽¹⁾	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Cash Sale Price	$22,050.62
Trade-In Value	$0.00
Less Payoff	0.00
Net Trade Allowance	$0.00
Cash Down Payment⁽²⁾	0.00
Factory Rebate Incentive	0.00
Total Down Payment	$0.00
Total Loan Amount	$22,050.62
Interest Rate (APR)⁽³⁾	14.17%
Term / Months⁽³⁾	72
Auto Loan Payment	$507.80

(1) Calculations are based on the target price of $20,000.00. Actual price set by dealer.

(2) Down payment is based the greater of customer input or the amount needed not to exceed the Loan to Value of 115%.

(3) Interest rate of 14.17% and term are based on the national average for a Credit Score Range from 501-600. Actual interest rate and term set by lender.

Item	Amount
Target Deal Price⁽¹⁾	$20,000.00
Avg. Dealer Doc Fee	312.00
National Sales Tax (7.25%)	1,472.62
Avg. DMV Fee	266.00
Cash Sale Price	$22,050.62
Trade-In Value	$0.00
Less Payoff	0.00
Net Trade Allowance	$0.00
Cash Down Payment⁽²⁾	0.00
Factory Rebate Incentive	0.00
Total Down Payment	$0.00
Total Loan Amount	$22,050.62
Interest Rate (APR)⁽³⁾	14.17%
Term / Months⁽³⁾	72
Auto Loan Payment	$568.28

(1) Calculations are based on the target price of $20,000.00. Actual price set by dealer.

(2) Down payment is based the greater of customer input or the amount needed not to exceed the Loan to Value of 110%.

(3) Interest rate of 14.17% and term are based on the national average for a Credit Score Range from 300-500. Actual interest rate and term set by lender.