Is it smart to do a 72-month car loan?
Is a 72-month car loan worth it? Because of the high interest rates and risk of going upside down, most experts agree that a 72-month loan isn't an ideal choice. Experts recommend that borrowers take out a shorter loan. And for an optimal interest rate, a loan term fewer than 60 months is a better way to go.
Is $300 a month a good car payment?
Calculate the car payment you can afford NerdWallet recommends spending no more than 10% of your take-home pay on your monthly auto loan payment. So if your after-tax pay each month is $3,000, you could afford a $300 car payment.
How much is a $20000 car payment over 5 years?
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43.
Is 600 a month too much for a car payment?
Auto loan payments are calculated using several factors, including your credit score, the APR you've qualified for, the length of the loan term, and more. However, given the average rates and payments today, any amount above $600 can be considered too much to pay on your car loan.