What's the car payment on $60,000?
$60,000 financed over 60 months at 7.5% APR
$1,202a month
$12,137 in interest, $72,137 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 | $1,798 | $1,866 | $1,936 | $2,007 | $2,080 |
| 48 months | $1,382 | $1,451 | $1,522 | $1,595 | $1,670 |
| 60 months | $1,132 | $1,202 | $1,275 | $1,350 | $1,427 |
| 72 months | $966 | $1,037 | $1,112 | $1,189 | $1,269 |
| 84 months | $848 | $920 | $996 | $1,075 | $1,158 |
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 | $1,866 | $7,189 | $67,189 |
| 48 months | $1,451 | $9,635 | $69,635 |
| 60 months | $1,202 | $12,137 | $72,137 |
| 72 months | $1,037 | $14,693 | $74,693 |
| 84 months | $920 | $17,305 | $77,305 |
Income for this payment (20/4/10 guideline)
$14,144/mo take-home
About $229,514 a year gross (single filer, federal taxes only), so the loan plus insurance and gas stay near 10% of your pay.
If $60,000 is the sticker price
$1,154/mo
With 10% down and 6% sales tax you'd finance $57,600, 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 $60,000 car loan?
$1,202 a month over 60 months at 7.5% APR. Over 48 months it's $1,451; over 72 months, $1,037.
How much interest will I pay on a $60,000 car loan?
About $12,137 over 60 months at 7.5% APR. A 48-month loan cuts that to $9,635, while stretching to 72 months raises it to $14,693.
What income do I need for a $60,000 car loan?
By the 20/4/10 guideline (all car costs near 10% of take-home pay), a $1,202 payment fits a take-home of about $14,144 a month. That's roughly $229,514 a year gross for a single filer, before state tax.
What's the car payment on $60,000? · Far Better Off
https://farbetteroff.com/car-payment/60000
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.