60-Month vs. 72-Month Car Loan
A side-by-side look at monthly payment, total interest, and the trade-off created by a longer auto-loan term.
Choosing between 60 and 72 months is mainly a trade-off between the scheduled monthly payment and the time you remain in debt. A longer term can lower the required payment, but the same APR applied for more months generally means more interest.
Example: $35,000 at 7% APR
| Term | Monthly payment | Total interest |
|---|---|---|
| 60 months | $693 | $6,583 |
| 72 months | $597 | $7,963 |
These figures are calculated from the standard fixed-payment amortization formula. They do not represent an offer from a lender.
What to compare
Do not compare terms using the monthly payment alone. Check the total interest, the total amount paid, and whether the payment fits your budget. A longer term may look cheaper each month while costing more over the full schedule.
Try different APRs
Your actual APR can vary by lender and borrower. Test several reasonable assumptions in the calculator and compare the resulting total cost.
Test your own amount, APR, down payment, and term.
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