A $35,000 car loan at 6% interest for 60 months (5 years) has a monthly payment of $677. Over the life of the loan, you will pay $5,599 in total interest, making the total cost $40,599.

Key Numbers

• •Monthly payment: $677
• •Total interest over 60 months: $5,599
• •Total cost of the loan: $40,599
• •A 72-month loan lowers the payment to $580 but adds $1,165 in interest