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Common Car Payment Questions
Is a 72 Month Car Loan Bad?
A 72-month car payment can make a lot of sense and is perhaps the most popular car loan finance term available today.
This is due in part to the rates offered by many of the manufacturers’ own banks and the institutional reduction of the interest rates set by the Federal Reserve.
But, this general rule may not apply to everyone. Let’s take a look at the math.
- $35,000 Average Car Price
- $2,450 Sales Tax
- 4.5% Interest Rate
- $577.42 / Month for 72 Months vs $681.28 / Month for 60 Months
The difference in payment interest payments is roughly $1,685.
It is clear that although a 72 month car loan sounds appealing it only is for those who have high enough credit scores to secure low rates. In most cases people end up paying more than they bargained for and this is why it is so important to know all of the costs associated with car ownership before you sign on the dotted line.
Be sure to always use our car loan calculator to determine your monthly payments and our vehicle service contract calculator to secure some piece of mind for the unforeseen repairs that are likely to happen when you least expect them.
What is a good interest rate for a car loan?
The best possible anyone can input into the car loan calculator is 0%. Interest rates are relative to the day, month, year and market conditions. For example currently the car loan rates fall between 2.65% and 4.19% for 60 months. Car loan calculator rates are post frequently by trusted industry leaders like this feed from Bankrate.
How We Do It
We specialize in delivering a better ownership experience for new car owners 2017-2021.