$30,000 Auto Loan Payment Over 4 Years

Questions about this calculator

Is 4 years the right length for a $30,000 car loan?

It depends on the monthly payment you can carry. At 6.5 percent this term costs $711.45 a month. A 6-year term would cost $504.30 a month and $6,309 in interest, compared with $4,150 over 4 years.

Does adding a year to a $30,000 car loan over 4 years change the cost much?

Yes. At 6.5 percent a 4-year term costs $4,150 in interest. A 5-year term would lower the payment to $586.98 but raise interest to $5,219.

Should you put more down on a $30,000 car loan over 4 years?

A bigger down payment means borrowing less. On this $30,000 loan, putting down $3,000 more would lower the payment by about $71.14 and the interest by about $415. Sales tax, fees and insurance are not included.

What if the rate on a $30,000 car loan over 4 years were one point higher?

The payment would rise from $711.45 to $725.37, which is $13.92 more each month. One point lower would give $697.69.