Monthly payment on a $20,000 car loan
Financing $20,000 at 7.5% APR for 60 months costs about $401 a month and $4,046 in total interest. Your actual APR depends mostly on credit score and whether the car is new or used — find your rate in the table, or enter a quote in the calculator.
$400.76 / month
- Amount financed
- $20,000
- Sales tax
- $0
- Total interest
- $4,046
Payment by APR and term
Monthly payment on $20,000 financed, by annual percentage rate and loan length.
| APR | 36 mo | 48 mo | 60 mo | 72 mo | 84 mo |
|---|---|---|---|---|---|
| 4% | $590 | $452 | $368 | $313 | $273 |
| 5% | $599 | $461 | $377 | $322 | $283 |
| 6% | $608 | $470 | $387 | $331 | $292 |
| 7% | $618 | $479 | $396 | $341 | $302 |
| 8% | $627 | $488 | $406 | $351 | $312 |
| 9% | $636 | $498 | $415 | $361 | $322 |
| 10% | $645 | $507 | $425 | $371 | $332 |
| 12% | $664 | $527 | $445 | $391 | $353 |
| 15% | $693 | $557 | $476 | $423 | $386 |
| 18% | $723 | $587 | $508 | $456 | $420 |
Income guideline
The widely used 20/4/10 rule suggests 20% down, a loan of no more than four years, and a car payment under 10% of gross monthly income. Keeping $401 a month under that line means a gross income of about $48,091 a year. Insurance, fuel, and maintenance often add as much again, so many buyers aim lower.
The amount financed is the price after your down payment and trade-in, plus any sales tax and fees you roll into the loan. To see what sales tax adds in your state, use the full auto loan calculator or its state pages.