What is the payment on a 72-month 1.99 car loan for $60,000?
The monthly payment on a $60,000 car loan with a 1.99% interest rate over 72 months is $854.77.
72 months at 1.9% APR: 72 monthly payments of $14.71 per thousand borrowed. 60 months at 1.9% APR: 60 monthly payments of $17.48 per thousand borrowed. 48 months at 1.9% APR: 48 monthly payments of $21.65 per thousand borrowed. 36 months at 1.9% APR: 36 monthly payments of $28.60 per thousand borrowed.
The Total Loan Amount
For example, if you're buying a $60,000 luxury car at 3% APR with no money down and paying it off over five years, you'll be responsible for paying about $1,078 per month. But if you're buying a $30,000 car at the same APR with a five-year loan term, you'll only pay about $539 per month.
72-month financing is fine as long as you're not driving 50k miles a year, delivering mail as a rural carrier, or something like Uber. Stay with a reliable proven brand you like and you should be fine depending on your usage and doing regular maintenance.
Rates and terms are subject to change without notice. Example: A six year fixed-rate loan for a $25,000 new car, with 20% down, requires a $20,000 loan. Based on a simple interest rate of 3.4% and a loan fee of $200, this loan would have 72 monthly payments of $310.54 each and an annual percentage rate (APR) of 3.74%.
If you're buying a car with an interest rate of 1.9% APR, you may be getting a good rate. When it comes to manufacturer car incentives on new cars and trucks, financing deals typically start at 0%, followed by 1.9% APR. While there may be lower interest rates available, 1.9% can be a good deal under some circumstances.
The monthly payment on a $60,000 loan ranges from $820 to $6,028, depending on the APR and how long the loan lasts. For example, if you take out a $60,000 loan for one year with an APR of 36%, your monthly payment will be $6,028.
To calculate an affordable car payment, use the recommended 20% down and 60-month maximum loan term. Based on those terms, a person making $100,000 a year can afford a $61,000 car, assuming their other expenses allow for a monthly payment of approximately $931.05.
A down payment between 10 to 20 percent of the vehicle price is the general recommendation. But if you can afford a larger down payment, you can save even more money on interest payments over the life of the loan.
Loan Term (Months) | Loan Amount | APR |
---|---|---|
60 | $30000.00 | 5.49% |
72 | $10000.00 | 6.04% |
$15000.00 | 6.04% | |
$20000.00 | 6.04% |
What is the rule of 72 on a car loan?
Just take the number 72 and divide it by the interest rate you hope to earn. That number gives you the approximate number of years it will take for your investment to double.
U.S. Bank offers loans for autos up to $100,000, with terms of up to 72 months. To apply you'll need personal identification and income information, along with details about the vehicle you want to buy.

What Are the Disadvantages of a Large Down Payment? Providing more money down doesn't guarantee a lower interest rate, and it can cut into your savings. Depending on the vehicle you choose to buy, 50% can be a lot of money to put down on an auto loan.
How Much Does 2.9% APR Cost? On a $40,000 SUV, a 60-month (5-year) loan at 2.9% would cost approximately $3,018 in interest. On a 72-month (6-year) loan, it would increase to $3,629. We've even seen 84-month financing incentives that could translate to $4,245 in interest.
- LightStream - New car purchase loan. 4.5. NerdWallet rating. Est. APR. 7.74-15.69% Loan amount. $5,000-$100,000. ...
- Consumers Credit Union - New car purchase loan. 5.0. NerdWallet rating. Est. APR. 5.74-17.54% Loan amount. ...
- Alliant Credit Union – New car purchase loan. 4.0. NerdWallet rating. Est. APR. 5.24-23.25% Loan amount.
Because of the high interest rates and risk of going upside down, most experts agree that a 72-month loan isn't an ideal choice. Experts recommend that borrowers take out a shorter loan. And for an optimal interest rate, a loan term fewer than 60 months is a better way to go. You can learn more about car loans here.
- Refinance your car loan. ...
- Make biweekly payments. ...
- Round up your payments. ...
- Put extra money toward a lump-sum payment. ...
- Continue making your monthly payments. ...
- Opt out of any unneeded add-ons.
How much car can I afford with a 70k salary? Based on the 20/4/20 rule, with an average interest rate, you can afford a $19,000-20,000 car on your $70k salary.
What credit score qualifies for 1.9% APR car payments? 760 credit scores along with ideal loan factors qualify for 1.9% interest rates for several car brands. Not all automakers offer low interest rates. See current offers.
Automaker | Model | Best Deal |
---|---|---|
Infiniti | QX60 | 1.9% for 5 Years |
Kia | Sorento | 1.9% for 5 Years |
Mini | Cooper | 1.9% for 4 Years |
Honda | CR-V | 1.9% for 3 Years |
What credit score is needed to get 0 interest on a car?
Only borrowers with gold-plated credit usually qualify for 0% APR financing deals. That means you need a credit score in the Super Prime category that Experian pegs at 781-850. Moreover, some captive finance companies won't consider a borrower below the 800 bar for a no-interest loan.
You generally need good credit—often defined as a FICO score 670 or higher—to qualify for a $60,000 loan. Annual income. The lender will evaluate your income to decide whether you make enough to repay the loan.
It depends on the price of the car you're thinking about buying. A 20% down payment for a $20,000 car is $4,000, but a 20% payment for a $60,000 car is $12,000. The monthly payments for each of these scenarios would be vastly different, despite having the same down payment percentage.
At an annual income of $60,000, your weekly salary would stand at about $1,153.93 or $2,307.87 bi-weekly. To determine your weekly earnings from your annual income, you simply divide your yearly earnings by the number of weeks in a year. So.
A single person can usually live well on a $60,000 annual salary. However, if you have expensive tastes, are carrying a lot of debt, live in an area with a high cost of living, or are supporting multiple people, you may find it more challenging to get by on $60,000 a year.