Join Date: May 2011
Location: Westminster, MD
setting aside for the moment that this is a very personal question, your payment could be anything you need it to be, really. a payment is simply a reflection of paying back the amount of money your borrow over a certain period of time. the less money you borrow, the less your payment. the larger the amount of time you pay it back, the less your payment. so many things go into affecting your payment that it can be anything. a fully loaded limited could have a $1,000 payment if you financed it for 36 months. or a sport could have a $250 car payment at 84 months. have a trade and money down? that will affect it even more. money down? another effect in the final payment.
short answer: there is no gold standard to what the payment "should" be. it can be anything, it's different for each situation. a general rule of thumb for a 60 month (5 year) standard loan is that for every $1,000 you borrow, add $20 to your payment. IE a $20,000 loan should be roughly $400 a month. a $25,000 loan should be roughly $500 a month, and so on.