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.
How to calculate repayment of car loan?
To calculate your monthly car loan payment by hand, divide the total loan and interest amount by the loan term (the number of months you have to repay the loan).
How much is a monthly car payment for $30000?
The monthly car payments on a $30K car loan range from $479.21 to $830.59. Payments vary based on your credit score, and the sales tax rate of your state, and whether you are financing a new or a used car.
Is it smart to finance a car for 72 months?
A 72-month car loan can make sense in some cases, but it typically only applies if you have good credit. When you have bad credit, a 72-month auto loan can sound appealing due to the lower monthly payment, but, in reality, you're probably going to pay more than you bargained for.