A $35,000 car loan at 7% interest for 60 months (5 years) has a monthly payment of $693. Over the life of the loan, you will pay $6,583 in total interest, making the total cost $41,583.

Key Numbers

• •Monthly payment: $693
• •Total interest over 60 months: $6,583
• •Total cost of the loan: $41,583
• •A 72-month loan lowers the payment to $597 but adds $1,381 in interest