A $30,000 car loan at 6% interest for 60 months (5 years) has a monthly payment of $580. Over the life of the loan, you will pay $4,799 in total interest, making the total cost $34,799.

Key Numbers

• •Monthly payment: $580
• •Total interest over 60 months: $4,799
• •Total cost of the loan: $34,799
• •A 72-month loan lowers the payment to $497 but adds $998 in interest