$60,000 Auto Loan Payment Over 4 Years

Questions about this calculator

What if the rate on a $60,000 car loan over 4 years were one point higher?

The payment would rise from $1,422.90 to $1,450.73, which is $27.84 more each month. One point lower would give $1,395.39.

Would paying $140 extra each month shorten a $60,000 car loan over 4 years?

Yes. On this $60,000 loan an extra $140 each month ends the loan 4 months sooner and saves $851 of interest.

Is 4 years the right length for a $60,000 car loan?

It depends on the monthly payment you can carry. At 6.5 percent this term costs $1,422.90 a month. A 6-year term would cost $1,008.60 a month and $12,619 in interest, compared with $8,299 over 4 years.

Does adding a year to a $60,000 car loan over 4 years change the cost much?

Yes. At 6.5 percent a 4-year term costs $8,299 in interest. A 5-year term would lower the payment to $1,173.97 but raise interest to $10,438.