$120,000 Car Loan for 84 Months

What’s the monthly payment on a $120,000 car with a 84 month (7 year) loan?

Purchase Price

Down Payment

Interest Rate

Loan Term

24 months
36 months
48 months
60 months
72 months
84 months

Monthly payment = $2,297
Total yearly payments = $27,559

Payments by Interest Rate

Interest Rate	Monthly Payment
1.5%	$1,205
2.5%	$1,247
3.5%	$1,290
4.5%	$1,334
5.5%	$1,380
6.5%	$1,426
7.5%	$1,472
8.5%	$1,520
9.5%	$1,569

Payments by Amount Down

Down	Monthly Payment
$0	$1,808
$2,000	$1,778
$5,000	$1,733
$8,000	$1,688
$10,000	$1,658
$15,000	$1,582

Payments by Loan Length

Length	Payment
24 months	$4,296
36 months	$2,962
48 months	$2,297
60 months	$1,899
72 months	$1,634
84 months	$1,447

Long Term or Short Term Auto Loan?
Generally speaking, if you can afford it, it’s better to get a shorter term loan. Your payments will be higher, but your interest rate will be lower. More importantly, you’ll have your car or truck paid off sooner.
That said, a longer term loan will result in lower monthly payments. You might want to choose this option if you have high-interest credit card debt, or you don’t have enough cash to pay for emergencies.
As always, it pays to shop around and get multiple quotes before choosing a loan.

Average One-Way Commute Time by State
Source: U.S. Census, American Community Survey, 2019

State	Minutes
New York	34.0
Maryland	33.7
New Jersey	33.1
Massachusetts	31.0
California	30.7
Illinois	29.6
Georgia	29.3
Virginia	29.1
Washington	28.8
Florida	28.4
Hawaii	28.1
New Hampshire	28.0
Pennsylvania	27.8
Texas	27.2
Connecticut	27.0
Delaware	26.7
Arizona	26.6
Louisiana	26.6
Colorado	26.5
West Virginia	26.4
South Carolina	26.0
Tennessee	25.9
North Carolina	25.7
Rhode Island	25.7
Nevada	25.6
Alabama	25.4
Michigan	25.1
Mississippi	25.1
Maine	24.6
Minnesota	24.4
Missouri	24.3
Ohio	24.3
Indiana	24.2
Kentucky	24.2
Oregon	24.2
Vermont	24.0
Oklahoma	22.7
Wisconsin	22.7
New Mexico	22.6
Utah	22.5
Arkansas	21.9
Idaho	21.5
Alaska	20.2
Kansas	20.0
Iowa	19.8
Montana	19.5
Nebraska	19.5
Wyoming	19.1
North Dakota	17.9
South Dakota	17.9