What Truck Can You Get for $500 a Month?

With strong credit and a typical 72‑month loan plus around $3,000–$5,000 down, $500 a month can often get you into a new compact or midsize pickup—think Ford Maverick, Hyundai Santa Cruz, Nissan Frontier, Toyota Tacoma SR/SR5, Chevrolet Colorado, or Ford Ranger. Leases around $500 are common on midsize trims in many regions. A brand‑new full‑size truck usually exceeds $500 unless you put more money down, stretch the term, or go used. Here’s how the math and market look right now and how to shop smart for that target payment.

What $500/Month Really Buys in 2024–2025

Your monthly payment is driven by the amount financed, APR, loan term, taxes/fees, and any incentives or down payment. As a rule of thumb, at about 6.9% APR over 72 months, each $1,000 financed adds roughly $17 to your monthly payment. That means keeping the financed amount near $29,000 generally lands you close to $500 per month. With average taxes and fees, many new compact and midsize pickups can fit that target if you contribute a few thousand dollars at signing or have trade equity.

Sample Payment Math

The examples below illustrate how price, down payment, and APR translate into a roughly $500 monthly payment for common truck scenarios. They assume good credit and typical dealer financing conditions in late 2024; local taxes and incentives vary.

• 72 months at 6.9% APR ≈ $17.06 per $1,000 financed. To be near $500, finance about $29,000.
• Example—Ford Maverick XLT (out‑the‑door around $30,000): $3,000 down → finance ~$27,000 → ≈ $460/mo.
• Example—Nissan Frontier SV (OTD ~$33,000): $4,000 down → finance ~$29,000 → ≈ $495/mo.
• Example—Toyota Tacoma SR (OTD ~$35,000): $5,500 down → finance ~$29,500 → ≈ $503/mo.
• Leaning longer: 84 months at ~7% APR ≈ $15.07 per $1,000. Financing $33,000 is ≈ $497/mo—but you’ll pay more total interest and face a longer commitment.

These numbers are estimates, but they show the levers you can pull: down payment, term length, and trim choice. A preapproval lets you replace guesswork with exact figures for your credit tier.

New Trucks Most Likely to Hit $500/Month (Purchase)

If you prefer to buy rather than lease, the following new trucks are the most attainable at or near $500 per month with good credit, a 72‑month term, and roughly $3,000–$5,000 down. Pricing reflects typical 2024–2025 MSRPs and common out‑the‑door totals; regional incentives and dealer fees will shift the math.

• Ford Maverick (XL/XLT, Hybrid or EcoBoost): Mid‑$20,000s to low‑$30,000s MSRP. With $3,000–$4,000 down, many builds fall under $500/mo; higher trims or AWD may need more down.
• Hyundai Santa Cruz (SE/SEL): Low‑$27,000s to around $30,000 MSRP. With $3,000–$4,000 down, payment often lands in the $450–$500 range.
• Nissan Frontier (S/SV, 4×2): Around $30,000–$34,000 MSRP depending on cab and options. With ~$4,000–$5,000 down, expect to be near $500.
• Chevrolet Colorado (WT/LT, 2WD): Roughly $30,000–$34,000 MSRP. With ~$4,000–$5,000 down or factory rebates, $500 is attainable.
• Toyota Tacoma (SR/SR5, 4×2): New‑gen pricing commonly low‑$30,000s starting. $5,000–$6,000 down may be needed to reach ~$500 due to demand and lighter incentives.
• Ford Ranger (XL/XLT, 2WD): Low‑$30,000s to mid‑$30,000s MSRP. With ~$5,000 down or incentives, you can approach $500; higher trims skew higher.

If you want 4×4, crew cabs, or popular option packages, plan for a higher payment, a larger down payment, or a longer term to stay around $500.

Lease Options Around $500/Month

Leasing can deliver a lower monthly payment on the same truck versus buying, though you’ll have mileage limits and no equity at lease end. Advertised deals vary by region and credit tier, usually with 10,000–12,000 miles per year and several thousand due at signing.

• Toyota Tacoma SR/SR5 (4×2): Often advertised in the $399–$499 range with ~$3,000–$4,000 due at signing, depending on region and inventory.
• Nissan Frontier SV: Commonly $399–$469 with ~$3,000–$4,000 due; strong candidate for sub‑$500 leases.
• Ford Ranger XLT: Frequently $419–$509 with ~$3,000–$4,000 due, varying by incentives.
• Chevrolet Colorado LT: Typically $429–$519 with ~$3,000–$4,000 due; conquest or loyalty rebates can help.
• Hyundai Santa Cruz SEL: Often $379–$459 with ~$3,000–$4,000 due; aggressive programs pop up seasonally.
• Full‑size (Silverado 1500 Custom/WT, Ram 1500 Big Horn, Ford F‑150 XL/XLT): $449–$599+ with ~$4,000–$5,000 due is possible in promotional windows, but breaking $500 can be hit‑or‑miss without stacked rebates.

Always ask for the full lease worksheet (cap cost, residual, money factor, fees) and the real “drive‑off” to compare offers apples‑to‑apples.

Can You Get a Full‑Size Truck for $500?

Brand‑new full‑size pickups (F‑150, Silverado 1500, Ram 1500, Sierra 1500) typically price in the high‑$30,000s to $40,000s before taxes and fees. Hitting $500/month to buy new will usually require a large down payment, an 84‑month term, big incentives, or a very basic 2WD fleet‑style trim. If you want a fuller feature set near $500, a lightly used 2020–2022 truck is the more realistic path.

Used‑Truck Targets Under $500

Shopping used expands your options—especially for full‑size models—while keeping payments near $500 with modest cash down. Look for clean histories and service records; certified pre‑owned (CPO) can add warranty coverage.

• 2019–2022 Ford F‑150 XLT (2.7L EcoBoost, 2WD/4×2): Often mid‑$20,000s to low‑$30,000s; commonly at or under $500 with $2,000–$4,000 down over 72 months.
• 2019–2021 Chevrolet Silverado 1500 LT (2.7T/5.3L, 2WD): Mid‑$20,000s to low‑$30,000s depending on miles and options.
• 2019–2021 Ram 1500 Big Horn/Lone Star (V6 eTorque/5.7 Hemi, 2WD): Mid‑$20,000s to low‑$30,000s; discounts vary widely by region.
• 2020–2022 Toyota Tacoma SR5: Holds value strongly; $28,000–$34,000 is common—may require more down to stay near $500.
• 2020–2022 Nissan Frontier SV: Frequently priced to fit $500 with modest cash down; good value play.

Used prices depend heavily on mileage, condition, and options. Expand your search radius and compare reconditioning and doc fees to keep the total financed amount in check.

What Affects Your Payment Most

Several variables can move your monthly number by hundreds of dollars. Knowing these levers helps you negotiate for the total you can afford—not just the sticker price.

• Credit tier/APR: A one‑point APR swing can add or subtract $15–$25 per month on typical midsize truck loans.
• Loan term: 72 months is common; 84 months lowers the payment but increases total interest paid and risk of negative equity.
• Down payment/trade equity: Every $1,000 down cuts a 72‑month payment by roughly $17 at ~6.9% APR.
• Taxes/fees: Sales tax, doc, title, and add‑ons can add $2,000–$4,000 to the amount financed.
• Incentives and rebates: Loyalty, conquest, military, college grad, and regional cash can meaningfully reduce your cap cost.
• Trim/drivetrain/options: 4×4, crew cabs, tow packages, and tech bundles push price beyond $500 targets quickly.
• Lease details: Money factor (interest), residual value, mileage allowance, and due‑at‑signing drive the monthly.

Focus on the out‑the‑door price and the finance/lease rate, not just a monthly figure. Dealers can hit a payment by extending terms or adding cash due at signing.

How to Hit $500 Without Surprises

Here’s a practical sequence to land the truck you want at the payment you can sustain, while avoiding costly surprises in the finance office.

1. Set an out‑the‑door budget: With a $500 target, aim to finance around $29,000 at ~6.9% for 72 months, then back into price and down payment.
2. Get a preapproval: Check rates with your bank/credit union; use it to benchmark the dealer’s offer.
3. Target trims with incentives: Shop base to mid trims (Maverick XLT, Frontier SV, Colorado LT, Ranger XLT, Tacoma SR/SR5) and ask about loyalty/conquest cash.
4. Request line‑item out‑the‑door quotes: Include taxes, doc fees, add‑ons, and VIN‑specific accessories in writing.
5. Consider 2WD and fewer options: Crew‑cab 4x4s with tow/tech packages jump price fast.
6. Compare lease vs. buy: If you drive 10k–12k miles/year, leasing can keep you near $500 on pricier trims.
7. Shop multiple dealers and regions: Inventory and incentives are hyper‑local; a 100‑mile search can save thousands.
8. Look at nearly new/CPO: A 1–3‑year‑old truck can provide features of a higher trim while keeping payments tame.
9. Decline unnecessary add‑ons: Paint protection, nitrogen, and high‑margin warranties can push you over $500.

Doing this homework upfront turns your $500 budget into a firm framework, making it easier to negotiate and walk away from mismatched offers.

Regional and Timing Factors

Truck deals ebb and flow with inventory and the calendar. Month‑ and quarter‑end can bring extra discounts. Model‑year changeovers (late summer/fall) often feature the strongest rebates on outgoing models. Coastal and metro markets may show higher doc fees; rural regions can be more negotiable on work‑truck trims. Always verify current incentives on manufacturer sites and request VIN‑specific quotes.

Summary

At roughly $500 per month, buyers with solid credit and a moderate down payment can land a new compact or midsize pickup—Maverick, Santa Cruz, Frontier, Tacoma SR/SR5, Colorado, or Ranger—or step into a 2–4‑year‑old full‑size truck. Leases around $500 are widely available on midsize trims, while new full‑size models usually require more cash down or a longer term. Nail down your out‑the‑door budget, secure a preapproval, compare incentives across trims and regions, and keep add‑ons in check to hit your target confidently.

What kind of truck can I get for $500 a month?

Trucks Under $500 Monthly Payments:

• Ford Ranger: Known for its durability and efficiency, the Ranger offers great value for its price.
• Chevrolet Colorado: A versatile midsize truck perfect for work and weekend adventures.
• Toyota Tacoma: Renowned for reliability, the Tacoma is ideal for off-road enthusiasts.

What is a normal monthly payment for a truck?

The average monthly payment for a new vehicle was $745 in mid-2025, while the average payment for a used vehicle was $521. However, specific payment amounts vary significantly based on factors such as the loan amount, interest rate, loan term, and the buyer’s credit score. For trucks specifically, the average was around $913 in the second quarter of 2023, and many borrowers now pay over $1,000 monthly.
 
Factors influencing your monthly payment:

• Loan Amount: Opens in new tabA higher vehicle price or a smaller down payment will result in a higher monthly payment. 
• Interest Rate: Opens in new tabA higher interest rate will increase your monthly payment, while a lower rate will reduce it. 
• Loan Term: Opens in new tabLonger loan terms (e.g., 72 or 84 months) result in lower monthly payments but higher total interest costs. 
• Credit Score: Opens in new tabBorrowers with super-prime credit scores (781-850) typically have the lowest monthly payments, while those in lower credit tiers will likely have higher payments, according to LendingTree. 
• Type of Vehicle: Opens in new tabTrucks, especially newer models, tend to have higher average payments than sedans or other types of vehicles. 

Examples of monthly payments in Q2 2025: 

• New Cars: Opens in new tabThe average loan amount was $41,720 with an average interest rate of 6.73% and a loan term of approximately 69 months.
• Used Cars: Opens in new tabThe average loan amount was $26,144 with an average interest rate of 11.87% and a loan term of about 67 months.

For a personalized estimate, you can use online auto loan calculators from sources like Huffines Kia Corinth or Calculator.net.

What car can I get for $500 per month?

Car finance deals under £500 monthly

• SKODA Octavia 2.0 TDI vRS Euro 4 5dr.
• Mazda5 1.6d TS2 Euro 5 5dr.
• Hyundai i10 1.2 Active Hatchback 5dr Petrol Manual Euro 5 (85 bhp)
• Land Rover Discovery 3 2.7 TD V6 XS Station Wagon 5dr.
• Mazda2 1.3 TS2 Euro 4 5dr.
• Nissan Note 1.4 16V Acenta Euro 4 5dr.

What is the cheapest month to buy a truck?

Many dealerships have sales quotas they have to meet by the new year, which means they will be much more willing to give you a better deal on your trade-in or come down on the price of the vehicle at that time, so October, November, and December are the best months for truck buyers.