$25,000 Auto Loan Payment Over 5 Years

Questions about this calculator

Would paying $50 extra each month shorten a $25,000 car loan over 5 years?

Yes. On this $25,000 loan an extra $50 each month ends the loan 6 months sooner and saves $523 of interest.

Is 5 years the right length for a $25,000 car loan?

It depends on the monthly payment you can carry. At 7 percent this term costs $495.03 a month. A 7-year term would cost $377.32 a month and $6,695 in interest, compared with $4,702 over 5 years.

Does adding a year to a $25,000 car loan over 5 years change the cost much?

Yes. At 7 percent a 5-year term costs $4,702 in interest. A 6-year term would lower the payment to $426.23 but raise interest to $5,688.

Should you put more down on a $25,000 car loan over 5 years?

A bigger down payment means borrowing less. On this $25,000 loan, putting down $2,500 more would lower the payment by about $49.50 and the interest by about $470. Sales tax, fees and insurance are not included.