$30,000 Auto Loan Payment Over 5 Years

Questions about this calculator

Should you put more down on a $30,000 car loan over 5 years?

A bigger down payment means borrowing less. On this $30,000 loan, putting down $3,000 more would lower the payment by about $59.40 and the interest by about $564. Sales tax, fees and insurance are not included.

What if the rate on a $30,000 car loan over 5 years were one point higher?

The payment would rise from $594.04 to $608.29, which is $14.26 more each month. One point lower would give $579.98.

Would paying $60 extra each month shorten a $30,000 car loan over 5 years?

Yes. On this $30,000 loan an extra $60 each month ends the loan 6 months sooner and saves $627 of interest.

Is 5 years the right length for a $30,000 car loan?

It depends on the monthly payment you can carry. At 7 percent this term costs $594.04 a month. A 7-year term would cost $452.78 a month and $8,034 in interest, compared with $5,642 over 5 years.