How much more interest does a 72-month loan cost vs 48-month?

On a $30,000 car at 7%: 48-month total interest = $4,488; 72-month total interest = $6,788. The 72-month costs $2,300 more in interest while also leaving you underwater for longer.

What is being underwater on a car loan?

Owing more than the car is worth. New cars lose 15-25% in year 1. A 72-84 month loan on a new car means owing more than market value for potentially 2-3 years, creating a financial trap if you need to sell or the car is totaled.

Does making extra payments help with auto loans?

Yes — specify any extra as principal payment. On a $25,000/7%/60-month loan, $100 extra/month saves approximately $850 in interest and pays off 11 months early.

Auto Loan Total Interest Calculator

Calculate total interest cost over the life of an auto loan. Compares the true cost of 60-month vs 72-month vs 84-month financing for the same vehicle.

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Frequently Asked Questions

How much more interest does a 72-month loan cost vs 48-month?

What is being underwater on a car loan?

Does making extra payments help with auto loans?