Best Auto Loan Terms: 36 vs 48 vs 60 vs 72 vs 84 Months
Compare car loan term lengths. Evaluate short 36-month terms vs long 72 or 84-month terms to avoid negative equity and excess interest.
By Sarah Jenkins, CFA
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Reviewed by David Vance, CFP
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5 min read
Auto Loan Term Comparison ($30,000 Loan at 6.5% APR)
| Loan Term | Monthly Payment | Total Interest Paid | Total Cost |
|---|---|---|---|
| 36 Months (3 Yrs) | $919.46 | $3,100.56 | $33,100.56 |
| 60 Months (5 Yrs) | $586.98 | $5,218.80 | $35,218.80 |
| 84 Months (7 Yrs) | $445.47 | $7,419.48 | $37,419.48 |