Find out your monthly car payment and the true cost of financing your vehicle.
An auto loan is an amortizing installment loan secured by the vehicle. Your monthly payment is fixed, with each payment covering interest and principal. Shorter terms mean higher payments but significantly less total interest.
| Credit Score | New Car | Used Car |
|---|---|---|
| 750+ (Excellent) | 5.0% - 6.0% | 6.0% - 7.5% |
| 700-749 (Good) | 6.0% - 7.5% | 7.5% - 9.5% |
| 650-699 (Fair) | 8.0% - 10% | 10% - 13% |
| Below 650 | 10% - 15%+ | 13% - 20%+ |
A 72-month loan lowers your monthly payment but costs thousands more in interest. On a $30,000 loan at 6.9%, a 60-month term costs $3,558 in interest vs. $4,306 for 72 months — an extra $748 for the "privilege" of paying longer.