What's the car payment on $30,000?
$30,000 financed over 60 months at 7.5% APR
$601a month
$6,068 in interest, $36,068 paid in total.
Payment by loan term and APR
Your rate depends mostly on your credit score and whether the car is new or used. Get a quote from your bank or credit union to know which column you're in.
| Term | 5% APR | 7.5% APR | 10% APR | 12.5% APR | 15% APR |
|---|---|---|---|---|---|
| 36 months | $899 | $933 | $968 | $1,004 | $1,040 |
| 48 months | $691 | $725 | $761 | $797 | $835 |
| 60 months | $566 | $601 | $637 | $675 | $714 |
| 72 months | $483 | $519 | $556 | $594 | $634 |
| 84 months | $424 | $460 | $498 | $538 | $579 |
What a longer loan really costs
Stretching the term lowers the payment but adds interest, and long loans make it easy to owe more than the car is worth. All at 7.5% APR.
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 36 months | $933 | $3,595 | $33,595 |
| 48 months | $725 | $4,818 | $34,818 |
| 60 months | $601 | $6,068 | $36,068 |
| 72 months | $519 | $7,347 | $37,347 |
| 84 months | $460 | $8,652 | $38,652 |
Income for this payment (20/4/10 guideline)
$7,072/mo take-home
About $108,083 a year gross (single filer, federal taxes only), so the loan plus insurance and gas stay near 10% of your pay.
If $30,000 is the sticker price
$577/mo
With 10% down and 6% sales tax you'd finance $28,800, over 60 months at 7.5% APR.
Buying new? Interest on some new-car loans may now be partly tax-deductible. Here's who qualifies and what quietly disqualifies you.
Frequently asked questions
What is the monthly payment on a $30,000 car loan?
$601 a month over 60 months at 7.5% APR. Over 48 months it's $725; over 72 months, $519.
How much interest will I pay on a $30,000 car loan?
About $6,068 over 60 months at 7.5% APR. A 48-month loan cuts that to $4,818, while stretching to 72 months raises it to $7,347.
What income do I need for a $30,000 car loan?
By the 20/4/10 guideline (all car costs near 10% of take-home pay), a $601 payment fits a take-home of about $7,072 a month. That's roughly $108,083 a year gross for a single filer, before state tax.
What's the car payment on $30,000? · Far Better Off
https://farbetteroff.com/car-payment/30000
Open that link for the live version of this page. Estimates for education only — Far Better Off is not a lender or a financial advisor, and these results are not financial advice.