$20,000 Auto Loan Payment Over 6 Years

Questions about this calculator

Should you put more down on a $20,000 car loan over 6 years?

A bigger down payment means borrowing less. On this $20,000 loan, putting down $2,000 more would lower the payment by about $34.58 and the interest by about $490. Sales tax, fees and insurance are not included.

What if the rate on a $20,000 car loan over 6 years were one point higher?

The payment would rise from $345.80 to $355.57, which is $9.77 more each month. One point lower would give $336.20.

Would paying $30 extra each month shorten a $20,000 car loan over 6 years?

Yes. On this $20,000 loan an extra $30 each month ends the loan 7 months sooner and saves $506 of interest.

Is 6 years the right length for a $20,000 car loan?

It depends on the monthly payment you can carry. At 7.5 percent this term costs $345.80 a month. A 4-year term would cost $483.58 a month and $3,212 in interest, compared with $4,898 over 6 years.