Eh, you're putting down about 17%. With interest of 6% over 5 years, your monthly payment should be $379.00. (I=PRT) Putting more on a down payment will bring down the monthly payment and you will pay less on interest. If you need a car right away and can finance the car, go ahead. But if you have something now, save to put more on a down payment and save on interest. Look for rebates, college graduate discounts, or fleet car pricing.