A $35,000 car loan at 7% interest for 72 months (6 years) has a monthly payment of $597. Over the life of the loan, you will pay $7,963 in total interest, making the total cost $42,963.

Key Numbers

• •Monthly payment: $597
• •Total interest over 72 months: $7,963
• •Total cost of the loan: $42,963
• •A 60-month loan costs $693/month and saves $1,381 in interest