A $30,000 car loan at 8% interest for 60 months (5 years) has a monthly payment of $608. Over the life of the loan, you will pay $6,498 in total interest, making the total cost $36,498.

Key Numbers

• •Monthly payment: $608
• •Total interest over 60 months: $6,498
• •Total cost of the loan: $36,498
• •A 72-month loan lowers the payment to $526 but adds $1,374 in interest