Auto loan payment
What is the monthly payment on a $60,000 car loan?
A $60,000 auto loan at a 7% APR over 5 years has a monthly payment of about $1,188. Over the full term you'd repay roughly $71,284, including about $11,284 in interest. $60,000 is a large auto loan typical of luxury SUVs and premium or heavy-duty trucks, where total interest adds up fast. The table below shows the payment for every common rate and term.
$60,000 car loan: monthly payment by rate & term
Estimated principal & interest only, fixed rate. Pick the row for your APR and the column for your term.
| APR \ Term | 3 yr | 4 yr | 5 yr | 6 yr | 7 yr |
|---|---|---|---|---|---|
| 4% | $1,771 | $1,355 | $1,105 | $939 | $820 |
| 5% | $1,798 | $1,382 | $1,132 | $966 | $848 |
| 6% | $1,825 | $1,409 | $1,160 | $994 | $877 |
| 7% | $1,853 | $1,437 | $1,188 | $1,023 | $906 |
| 8% | $1,880 | $1,465 | $1,217 | $1,052 | $935 |
| 9% | $1,908 | $1,493 | $1,246 | $1,082 | $965 |
| 10% | $1,936 | $1,522 | $1,275 | $1,112 | $996 |
| 12% | $1,993 | $1,580 | $1,335 | $1,173 | $1,059 |
How the payment is calculated
A fixed auto loan amortizes: each month interest is charged on the balance and the rest of the payment reduces principal. The payment is principal × monthly rate ÷ (1 − (1 + monthly rate)−months). For $60,000 at 7% over 5 years that's about $1,188 a month.
Want to model your own rate, term, down payment, or trade-in? Use the auto loan calculator for the live payment and total interest.
What changes the real cost
- Term length: 6–7 year loans lower the payment but cost much more interest and risk going "underwater".
- Rate: your credit score drives the APR — a few points changes total cost significantly.
- Down payment & trade-in: reduce the amount financed and the payment.
- Tax & fees: often financed too, raising the real loan above the sticker.
Frequently asked questions
What is the monthly payment on a $60,000 car loan?
At a 7% APR over 5 years, a $60,000 auto loan costs about $1,188 per month. The exact payment depends on your rate and term — see the table above for the full range.
How much interest will I pay on a $60,000 car loan?
At 7% over 5 years you'd repay about $71,284 in total, of which roughly $11,284 is interest. A shorter term raises the monthly payment but cuts total interest sharply.
Does this include tax, title, and fees?
No. These are principal-and-interest estimates on the amount financed only. Sales tax, title, registration, and dealer fees are often rolled into the loan and would increase the amount and the payment.