How term length changes total interest
$30,000 financed at 7% APR.
| Term | Monthly | Total interest |
|---|---|---|
| 36 months | $926.31 | $3,347 |
| 48 months | $718.39 | $4,483 |
| 60 months | $594.04 | $5,642 |
| 72 months | $511.47 | $6,826 |
| 84 months | $452.78 | $8,034 |
Free buyer tool
Auto Loan Comparison Calculator
Put two car loan offers head to head — dealer vs. bank, 60 vs. 72 months, 0% APR vs. rebate — and see which one actually costs less.
Quick answer
Compare loans by total cost, not monthly payment. A $30,000 loan at 6.5% for 60 months costs about $5,219 in interest; at 7.9% for 72 months it costs about $7,766 — even though the monthly payment is lower.
Loan A
Loan B
Better deal
Loan A saves $2,547
| Loan A | Loan B | |
|---|---|---|
| Monthly payment | $586.98 | $524.53 |
| Term | 60 months | 72 months |
| Total interest | $5,219 | $7,766 |
| Loan fees | $0 | $0 |
| Total cost | $35,219 | $37,766 |
Loan A total cost$35,219
Loan B total cost$37,766
Loan comparison FAQ
Is a lower monthly payment always the better car loan?
No. A lower payment usually comes from a longer term, which adds months of interest. Compare the total cost of each loan — the cheaper total wins, as long as the payment fits your budget.
Is it better to take a 60- or 72-month car loan?
A 60-month loan almost always costs less overall. On $30,000 at 7% APR, 60 months costs about $5,640 in interest versus about $6,830 for 72 months — and 72-month loans often carry higher rates.
Should I take dealer financing or a bank loan?
Get pre-approved by a bank or credit union first, then let the dealer try to beat it. Compare both offers here using APR, term and any loan fees, not just the monthly payment.
Should I take 0% APR or a cash rebate?
Calculate both. Enter the 0% offer at full price as Loan A, and the rebate price at your bank APR as Loan B. Whichever has the lower total cost is the better deal.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. APR also includes certain lender fees, so it is the better number for comparing loans.