$30,000 Auto Loan Payment Over 3 Years

Questions about this calculator

Would paying $90 extra each month shorten a $30,000 car loan over 3 years?

Yes. On this $30,000 loan an extra $90 each month ends the loan 3 months sooner and saves $278 of interest.

Is 3 years the right length for a $30,000 car loan?

It depends on the monthly payment you can carry. At 6 percent this term costs $912.66 a month. A 5-year term would cost $579.98 a month and $4,799 in interest, compared with $2,856 over 3 years.

Does adding a year to a $30,000 car loan over 3 years change the cost much?

Yes. At 6 percent a 3-year term costs $2,856 in interest. A 4-year term would lower the payment to $704.55 but raise interest to $3,818.

Should you put more down on a $30,000 car loan over 3 years?

A bigger down payment means borrowing less. On this $30,000 loan, putting down $3,000 more would lower the payment by about $91.27 and the interest by about $286. Sales tax, fees and insurance are not included.