A $35,000 car loan at 8% interest for 60 months (5 years) has a monthly payment of $710. Over the life of the loan, you will pay $7,580 in total interest, making the total cost $42,580.

Key Numbers

• •Monthly payment: $710
• •Total interest over 60 months: $7,580
• •Total cost of the loan: $42,580
• •A 72-month loan lowers the payment to $614 but adds $1,603 in interest