Car loan term comparison
A longer car loan lowers your monthly payment but costs more in interest. Enter the amount you borrow and the rate to see the payment and total interest for 48, 60, 72, 84 and 96 months side by side. The numbers shown are an example.
The loan
These are example numbers. Replace them with yours.
After your down payment and trade-in, with tax and fees included.
Same loan, different lengths
48 months$852.81 a month
$5,934.88 in interest
60 months$708.00 a month
$7,480.00 in interest, $1,545.12 more than 48 months
72 months$611.96 a month
$9,061.12 in interest, $3,126.24 more than 48 months
84 months$543.78 a month
$10,677.52 in interest, $4,742.64 more than 48 months
96 months$493.01 a month
$12,328.96 in interest, $6,394.08 more than 48 months
| Term | Monthly payment | Total interest | Extra interest vs 48 months |
|---|---|---|---|
| 48 months | $852.81 | $5,934.88 | - |
| 60 months | $708.00 | $7,480.00 | $1,545.12 |
| 72 months | $611.96 | $9,061.12 | $3,126.24 |
| 84 months | $543.78 | $10,677.52 | $4,742.64 |
| 96 months | $493.01 | $12,328.96 | $6,394.08 |
A longer term lowers the payment but costs more in total, and for longer you may owe more than the car is worth.
An estimate with interest worked out monthly. Your contract may differ a little.
Keep going with Uobo
Uobo is your personal car agent. Text it what you need and it does the research and the checks, asks dealerships about availability, condition and price for you, and helps you decide. This is the text you would send:
On a computer? Text (289) 819-4586 from your phone and paste what you copied. Standard message rates apply. Reply STOP any time to stop.
How it works
For each term we work out the payment that repays the loan, with interest worked out monthly at your rate. Then we add up every payment, take off what you borrowed, and the rest is interest.
The last column shows how much extra interest each longer term costs compared with the shortest, so you can weigh a lower payment against what it adds to the total.
Example: $35,000 at 7.9%
Over 60 months the payment is $708.00 and the interest $7,480.00. Over 84 months it drops to $543.78 but the interest rises to $10,677.52, about $3,198 more. At 96 months the payment is $493.01 and the interest $12,328.96.
What this does not cover
- It uses one rate for every term. Lenders often charge a higher rate for longer loans, which would make the long terms cost more than shown.
- It does not know your car's value, so it cannot tell you when you would owe more than the car is worth.
- Contracts can work out interest differently, so the real payment may differ by a few dollars.
Common questions
Is an 84-month car loan a bad idea?
It is not wrong for everyone, but it costs noticeably more in interest than a shorter loan, and cars lose value quickly, so you can owe more than the car is worth for longer. If you can afford a shorter term comfortably, it usually costs less.
What does a longer term change?
It spreads the same loan over more payments, so each payment is smaller. You pay interest for more months, so the total goes up.
Can I pay off a car loan early?
Many lenders allow extra payments or early payoff, but some charge a penalty. Ask before you sign, so a long term does not lock you in.
Which term should I pick?
The shortest one whose payment you can carry comfortably. Compare the payment and total interest here, then check what your lender offers for each.