● Money & small business
Car loan payment table: $20,000 to $50,000 over 36 to 84 months
A car payment depends on three numbers: the amount you finance, the APR and the term. Here are the payments and the total interest for common combinations, computed month by month with the same amortization as our car loan vs lease calculator (each payment rounded to the cent, the last one clearing the remainder). The amount financed is the price plus tax and fees, minus your down payment and trade-in.
Monthly payment at 7% APR
| Financed | 36 months | 48 months | 60 months | 72 months | 84 months |
|---|---|---|---|---|---|
| $20,000 | $617.54 | $478.92 | $396.02 | $340.98 | $301.85 |
| $30,000 | $926.31 | $718.39 | $594.04 | $511.47 | $452.78 |
| $40,000 | $1,235.08 | $957.85 | $792.05 | $681.96 | $603.71 |
| $50,000 | $1,543.85 | $1,197.31 | $990.06 | $852.45 | $754.63 |
Total interest at 7% APR
| Financed | 36 months | 48 months | 60 months | 72 months | 84 months |
|---|---|---|---|---|---|
| $20,000 | $2,231.50 | $2,988.44 | $3,761.48 | $4,550.63 | $5,355.80 |
| $30,000 | $3,347.28 | $4,482.61 | $5,642.12 | $6,825.87 | $8,033.53 |
| $40,000 | $4,463.05 | $5,976.80 | $7,522.85 | $9,101.12 | $10,711.27 |
| $50,000 | $5,578.79 | $7,470.98 | $9,403.55 | $11,376.45 | $13,389.33 |
Stretching $40,000 from 60 to 84 months lowers the payment by $188.34 a month and adds $3,188.42 of interest. It also means owing money on the car for two more years, often longer than the warranty.
$35,000 by APR
| APR | 60 months: payment | 60 months: interest | 72 months: payment | 72 months: interest |
|---|---|---|---|---|
| 0% | $583.33 | $0 | $486.11 | $0 |
| 4% | $644.58 | $3,674.69 | $547.58 | $4,425.93 |
| 6% | $676.65 | $5,598.89 | $580.05 | $6,763.70 |
| 8% | $709.67 | $7,580.50 | $613.66 | $9,183.82 |
| 10% | $743.65 | $9,618.74 | $648.40 | $11,685.20 |
| 14% | $814.39 | $13,863.32 | $721.20 | $16,926.48 |
From 4% up, each two points of APR on a $35,000, 60-month loan adds $1,924 to $2,150 of interest. A 0% dealer offer is worth comparing with a cash rebate you'd give up to get it: at 6% for 60 months, a rebate of $4,827 or more beats 0%, because it also shrinks the loan and its interest (ignoring what else the cash could do).
Before you sign
- Negotiate the price first, then the financing. A low payment can hide a high price or a long term.
- Get a pre-approval from a bank or credit union, so you can compare the dealer's APR.
- Pick the shortest term whose payment fits your budget in a bad month.
- If you're also considering a lease, compare the total cost over the years you'll drive it, not the payments: lease vs buy: the lower payment isn't the cheaper deal works one through.
To compare a loan and a lease on your own car, the free car loan vs lease calculator uses the same amortization. Not financial advice: your lender's disclosure is the final word.