$20,000 Car Loan for 72 Months
What's the monthly payment on a $20,000 car with a 72 month (6 year) loan?
After down payment, the auto loan will be $16,000.
At 6.95% interest with a 72 month loan:
Monthly payment = $272
Total yearly payments = $3,269
Payments by Interest Rate
| Interest Rate |
Monthly |
| 1.5% |
$233 |
| 2.5% |
$240 |
| 3.5% |
$247 |
| 4.5% |
$254 |
| 5.5% |
$261 |
| 6.5% |
$269 |
| 7.5% |
$277 |
| 8.5% |
$284 |
| 9.5% |
$292 |
Payments by Amount Down
| Down |
Monthly |
| $0 |
$341 |
| $1,000 |
$323 |
| $2,000 |
$306 |
| $3,000 |
$289 |
| $4,000 |
$272 |
| $5,000 |
$255 |
Payments by Loan Length
| Length |
Monthly |
| 24 months |
$716 |
| 36 months |
$494 |
| 48 months |
$383 |
| 60 months |
$316 |
| 72 months |
$272 |
| 84 months |
$241 |
Long Term or Short Term Auto Loan?
Generally speaking, if you can afford it, it's better to get a shorter term loan. Your payments will be higher, but your interest rate will be lower. More importantly, you'll have your car or truck paid off sooner.
That said, a longer term loan will result in lower monthly payments. You might want to choose this option if you have high-interest credit card debt, or you don't have enough cash to pay for emergencies.
As always, it pays to shop around and get multiple quotes before choosing a loan.
Average One-Way Commute Time by State
| State |
Minutes |
| New York | 34.0 |
| Maryland | 33.7 |
| New Jersey | 33.1 |
| Massachusetts | 31.0 |
| California | 30.7 |
| Illinois | 29.6 |
| Georgia | 29.3 |
| Virginia | 29.1 |
| Washington | 28.8 |
| Florida | 28.4 |
| Hawaii | 28.1 |
| New Hampshire | 28.0 |
| Pennsylvania | 27.8 |
| Texas | 27.2 |
| Connecticut | 27.0 |
| Delaware | 26.7 |
| Arizona | 26.6 |
| Louisiana | 26.6 |
| Colorado | 26.5 |
| West Virginia | 26.4 |
| South Carolina | 26.0 |
| Tennessee | 25.9 |
| North Carolina | 25.7 |
| Rhode Island | 25.7 |
| Nevada | 25.6 |
| Alabama | 25.4 |
| Michigan | 25.1 |
| Mississippi | 25.1 |
| Maine | 24.6 |
| Minnesota | 24.4 |
| Missouri | 24.3 |
| Ohio | 24.3 |
| Indiana | 24.2 |
| Kentucky | 24.2 |
| Oregon | 24.2 |
| Vermont | 24.0 |
| Oklahoma | 22.7 |
| Wisconsin | 22.7 |
| New Mexico | 22.6 |
| Utah | 22.5 |
| Arkansas | 21.9 |
| Idaho | 21.5 |
| Alaska | 20.2 |
| Kansas | 20.0 |
| Iowa | 19.8 |
| Montana | 19.5 |
| Nebraska | 19.5 |
| Wyoming | 19.1 |
| North Dakota | 17.9 |
| South Dakota | 17.9 |