$60,000 Auto Loan Payment Over 5 Years

Questions about this calculator

Should you put more down on a $60,000 car loan over 5 years?

A bigger down payment means borrowing less. On this $60,000 loan, putting down $6,000 more would lower the payment by about $118.81 and the interest by about $1,128. Sales tax, fees and insurance are not included.

What if the rate on a $60,000 car loan over 5 years were one point higher?

The payment would rise from $1,188.07 to $1,216.58, which is $28.51 more each month. One point lower would give $1,159.97.

Would paying $120 extra each month shorten a $60,000 car loan over 5 years?

Yes. On this $60,000 loan an extra $120 each month ends the loan 6 months sooner and saves $1,254 of interest.

Is 5 years the right length for a $60,000 car loan?

It depends on the monthly payment you can carry. At 7 percent this term costs $1,188.07 a month. A 7-year term would cost $905.56 a month and $16,067 in interest, compared with $11,284 over 5 years.