$10,000 Auto Loan Payment Over 3 Years

Questions about this calculator

Is 3 years the right length for a $10,000 car loan?

It depends on the monthly payment you can carry. At 6 percent this term costs $304.22 a month. A 5-year term would cost $193.33 a month and $1,600 in interest, compared with $952 over 3 years.

Does adding a year to a $10,000 car loan over 3 years change the cost much?

Yes. At 6 percent a 3-year term costs $952 in interest. A 4-year term would lower the payment to $234.85 but raise interest to $1,273.

Should you put more down on a $10,000 car loan over 3 years?

A bigger down payment means borrowing less. On this $10,000 loan, putting down $1,000 more would lower the payment by about $30.42 and the interest by about $95. Sales tax, fees and insurance are not included.

What if the rate on a $10,000 car loan over 3 years were one point higher?

The payment would rise from $304.22 to $308.77, which is $4.55 more each month. One point lower would give $299.71.