Payment on $60,000 by rate and term
Financing $54,000 after a 10% deposit of $6,000. Your rate depends on your credit, and it matters more than most buyers expect.
| Rate | 4 years | 5 years | 6 years |
|---|---|---|---|
| 4% | $1,219.27 | $994.49 | $844.84 |
| 5.5% | $1,255.85 | $1,031.46 | $882.25 |
| 7.2% | $1,298.11 | $1,074.37 | $925.84 |
| 9% | $1,343.79 | $1,120.95 | $973.38 |
| 11% | $1,395.66 | $1,174.09 | $1,027.84 |
| 14% | $1,475.63 | $1,256.49 | $1,112.71 |
How the deposit changes it
| Down payment | Financed | Monthly | Total interest |
|---|---|---|---|
| 0% ($0) | $60,000 | $1,193.74 | $11,625 |
| 10% ($6,000) | $54,000 | $1,074.37 | $10,462 |
| 20% ($12,000) | $48,000 | $954.99 | $9,300 |
At 7.2% over 5 years, before sales tax.
Frequently asked questions
What is the monthly payment on a $60,000 car?
About $1,074.37 a month with 10% down at 7.2% over 5 years, financing $54,000. Total interest is $10,462.
How much do I need to put down on a $60,000 car?
Nothing is required, but every dollar down reduces the payment. With no deposit the payment is $1,193.74; at 20% down ($12,000) it falls to $954.99 and saves $2,325 in interest.
What credit score do I need for a $60,000 car loan?
Lenders price by risk rather than refusing outright. The rate grid on this page shows what that costs: at 4% the payment is $994.49 over 5 years, and at 14% it is $1,256.49 for exactly the same car.
Other car prices
Related tools
- Auto loan calculator — any price, deposit, trade-in and term
- Amortization schedule — every payment, with CSV export
- Paycheck calculator — what your take-home pay supports