$25,000 Auto Loan Payment Over 4 Years

Questions about this calculator

Is 4 years the right length for a $25,000 car loan?

It depends on the monthly payment you can carry. At 6.5 percent this term costs $592.87 a month. A 6-year term would cost $420.25 a month and $5,258 in interest, compared with $3,458 over 4 years.

Does adding a year to a $25,000 car loan over 4 years change the cost much?

Yes. At 6.5 percent a 4-year term costs $3,458 in interest. A 5-year term would lower the payment to $489.15 but raise interest to $4,349.

Should you put more down on a $25,000 car loan over 4 years?

A bigger down payment means borrowing less. On this $25,000 loan, putting down $2,500 more would lower the payment by about $59.29 and the interest by about $346. Sales tax, fees and insurance are not included.

What if the rate on a $25,000 car loan over 4 years were one point higher?

The payment would rise from $592.87 to $604.47, which is $11.60 more each month. One point lower would give $581.41.