Written and maintained by Christin Bowles, founder of TidyCalcs.
A $30,000 car loan at 6% interest over 60 months costs about $580 a month and $4,799 in total interest. At 4% the payment is about $553, and at 10% it is about $637. These figures assume no down payment and no trade-in, and they do not include taxes, fees, insurance or fuel.
Monthly payment by loan term and interest rate
Find your interest rate in the left column and your loan length across the top. Auto loan rates vary with your credit score, the lender and whether the car is new or used, so check the rate on your own offer.
Monthly payment on a $30,000 loan
| Interest rate | 36 months | 48 months | 60 months | 72 months |
|---|---|---|---|---|
| 4% | $886 | $677 | $553 | $469 |
| 6% | $913 | $705 | $580 | $497 |
| 8% | $940 | $732 | $608 | $526 |
| 10% | $968 | $761 | $637 | $556 |
Total interest you will pay
The monthly payment is only half the picture. A longer loan feels cheaper each month but costs more overall.
Total interest on a $30,000 loan
| Interest rate | 36 months | 48 months | 60 months | 72 months |
|---|---|---|---|---|
| 4% | $1,886 | $2,514 | $3,150 | $3,794 |
| 6% | $2,856 | $3,818 | $4,799 | $5,797 |
| 8% | $3,843 | $5,155 | $6,498 | $7,872 |
| 10% | $4,849 | $6,522 | $8,245 | $10,016 |
At 8%, stretching the loan from 48 months to 72 months lowers the payment from $732 to $526, which is $206 a month less, but adds about $2,700 in interest. The longer loan also keeps you owing money on an aging car for longer.
Check your own loan
Enter the price, down payment, rate and term to see your exact payment and total interest.
Auto Loan Calculator → How Much Car Can I Afford? →How to lower the payment without paying more interest
Put money down. Borrowing $25,000 instead of $30,000 cuts the payment by about one sixth and the interest by the same share.
Shop for the rate before the car. A quote from your bank or credit union gives you something to compare against dealer financing. See what counts as a good car loan interest rate.
Keep the term short. If the 48 month payment is too high, a cheaper car often beats a longer loan. The guide on how much to spend on a car gives a simple budget rule.
Sources and further reading
For independent, authoritative information on this topic, these are good places to start:
- Consumer Financial Protection Bureau: Auto loans — guidance on shopping for and comparing car loans.
Results are estimates for planning purposes and are not financial advice. Your lender's rate, fees and terms will differ. A qualified professional can provide figures specific to your situation.
Common questions
What is the monthly payment on a $30,000 car loan?
At 6% over 60 months, about $580 a month. At 4% it is about $553, at 8% about $608, and at 10% about $637, all over 60 months with no down payment.
How much interest will I pay on a $30,000 car loan?
At 6% over 60 months, about $4,799. At 8% over 60 months it is about $6,498, and at 10% about $8,245.
Is a longer loan term a good idea?
It lowers the monthly payment but raises total interest. At 8%, going from 48 to 72 months drops the payment from $732 to $526 but adds about $2,700 in interest.
How does a down payment change the payment?
It reduces the amount you borrow, so it lowers both the payment and the total interest. Borrowing $25,000 instead of $30,000 cuts the payment by about one sixth. Test your own numbers in the Auto Loan Calculator.
What income do I need for a $30,000 car loan?
A common guideline is to keep the car payment under about 10% to 15% of take-home pay. A $580 payment fits that guideline at roughly $3,900 to $5,800 a month in take-home pay, and insurance and fuel come on top.