Well $500 a month seems to be quickly becoming the average monthly payment for 2016 (in the US). I don’t care how many vehicles you pick or from what model years. Your goal is to be within $20 of that $500 monthly payment total. That said, I’m going to be your lender today. These are my rates, use the term that corresponds to your vehicle:

Model Year 2012 or Newer

  • 1.99% for 48 months
  • 2.49% for 65 months
  • 2.74% for 75 months
  • 2.99% for 84 months

Model Years 2009 to 2011

  • 2.99% for 72 months

Model Years 2006 to 2008

  • 3.49% for 60 months

Model Years 2003 to 2005

  • 5.49% for 48 months

Model Years 1995 to 2002

  • 7.24% for 36 months

Classic Vehicles (restored, 1994 and Older)

  • 8.74% for 60 months

We’ll see how this goes. Google has a car payment calculator that’s easy to work with, but find a vehicle(s) you like first that way you have a reference point. Hopefully this gives you some financial perspective on the vehicles you see on your roads.