A $45,000 car loan at 7% interest for 72 months (6 years) has a monthly payment of $767. Over the life of the loan, you will pay $10,239 in total interest, making the total cost $55,239.

Key Numbers

• •Monthly payment: $767
• •Total interest over 72 months: $10,239
• •Total cost of the loan: $55,239
• •A 60-month loan costs $891/month and saves $1,776 in interest