$50,000 Auto Loan Payment Over 3 Years

Questions about this calculator

Is 3 years the right length for a $50,000 car loan?

It depends on the monthly payment you can carry. At 6 percent this term costs $1,521.10 a month. A 5-year term would cost $966.64 a month and $7,998 in interest, compared with $4,759 over 3 years.

Does adding a year to a $50,000 car loan over 3 years change the cost much?

Yes. At 6 percent a 3-year term costs $4,759 in interest. A 4-year term would lower the payment to $1,174.25 but raise interest to $6,364.

Should you put more down on a $50,000 car loan over 3 years?

A bigger down payment means borrowing less. On this $50,000 loan, putting down $5,000 more would lower the payment by about $152.11 and the interest by about $476. Sales tax, fees and insurance are not included.

What if the rate on a $50,000 car loan over 3 years were one point higher?

The payment would rise from $1,521.10 to $1,543.85, which is $22.76 more each month. One point lower would give $1,498.54.