$15,000 car loan payment
$298.01/month principal and interest, before sales tax
$2,881 total interest over 60 months
Principal $15,000 Interest $2,881. 16¢ of every dollar paid goes to interest.
60 months at 7.14%, the Federal Reserve's average finance rate on 60-month new-car loans at commercial banks (May 2026 survey).
Source: Federal Reserve G.19, May 2026 survey. An average, not an offer.
By credit score
| Credit tier | Score | New-car APR | Payment | Used-car APR | Payment |
|---|---|---|---|---|---|
| Super prime | 781–850 | 4.41% | $279.03 | 6.29% | $292.02 |
| Prime | 661–780 | 6.23% | $291.60 | not reported | — |
| Near prime | 601–660 | 9.67% | $316.28 | not reported | — |
| Subprime | 501–600 | 13.44% | $344.68 | not reported | — |
| Deep subprime | 300–500 | 16.11% | $365.65 | 21.62% | $411.05 |
Averages across lenders for loans originated in the quarter, not offers. All tiers combined: 6.35% new, 11.19% used.
By loan term
With sales tax
| State tax rate sales tax (statewide base incl. 1.25% uniform local) | 7.25% |
|---|---|
| Trade-in credit | no |
| Taxable amount | $15,000 |
| Sales tax | $1,088 |
| Financed (price − trade-in + tax) | $16,088 |
| Monthly payment with tax | $319.62 |
Trade-in is treated as payment and does not reduce the taxable selling price (CDTFA Pub 34). District taxes add on top of 7.25% depending on the registration address. Only states whose rules we have verified are listed.
Payment and income
The $298.01 payment is 10% of gross income at $35,761 a year and 15% at $23,841. Insurance, fuel and maintenance come on top.
Amortization schedule
First 12 months
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $208.76 | $89.25 | $14,791.24 |
| 2 | $210.00 | $88.01 | $14,581.24 |
| 3 | $211.25 | $86.76 | $14,369.99 |
| 4 | $212.51 | $85.50 | $14,157.48 |
| 5 | $213.77 | $84.24 | $13,943.71 |
| 6 | $215.04 | $82.97 | $13,728.66 |
| 7 | $216.32 | $81.69 | $13,512.34 |
| 8 | $217.61 | $80.40 | $13,294.73 |
| 9 | $218.91 | $79.10 | $13,075.82 |
| 10 | $220.21 | $77.80 | $12,855.61 |
| 11 | $221.52 | $76.49 | $12,634.09 |
| 12 | $222.84 | $75.17 | $12,411.25 |
Year by year
| Year | Principal | Interest | Balance at year end |
|---|---|---|---|
| 1 | $2,589 | $987 | $12,411 |
| 2 | $2,780 | $796 | $9,632 |
| 3 | $2,985 | $591 | $6,647 |
| 4 | $3,205 | $371 | $3,442 |
| 5 | $3,442 | $135 | $0 |
| Total | $15,000 | $2,881 | $0 |
Full schedule, all 60 payments
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 208.76 | 89.25 | 14,791.24 |
| 2 | 210.00 | 88.01 | 14,581.24 |
| 3 | 211.25 | 86.76 | 14,369.99 |
| 4 | 212.51 | 85.50 | 14,157.48 |
| 5 | 213.77 | 84.24 | 13,943.71 |
| 6 | 215.04 | 82.97 | 13,728.66 |
| 7 | 216.32 | 81.69 | 13,512.34 |
| 8 | 217.61 | 80.40 | 13,294.73 |
| 9 | 218.91 | 79.10 | 13,075.82 |
| 10 | 220.21 | 77.80 | 12,855.61 |
| 11 | 221.52 | 76.49 | 12,634.09 |
| 12 | 222.84 | 75.17 | 12,411.25 |
| 13 | 224.16 | 73.85 | 12,187.09 |
| 14 | 225.50 | 72.51 | 11,961.60 |
| 15 | 226.84 | 71.17 | 11,734.76 |
| 16 | 228.19 | 69.82 | 11,506.57 |
| 17 | 229.55 | 68.46 | 11,277.02 |
| 18 | 230.91 | 67.10 | 11,046.11 |
| 19 | 232.29 | 65.72 | 10,813.83 |
| 20 | 233.67 | 64.34 | 10,580.16 |
| 21 | 235.06 | 62.95 | 10,345.10 |
| 22 | 236.46 | 61.55 | 10,108.65 |
| 23 | 237.86 | 60.15 | 9,870.78 |
| 24 | 239.28 | 58.73 | 9,631.50 |
| 25 | 240.70 | 57.31 | 9,390.80 |
| 26 | 242.13 | 55.88 | 9,148.67 |
| 27 | 243.58 | 54.43 | 8,905.09 |
| 28 | 245.02 | 52.99 | 8,660.07 |
| 29 | 246.48 | 51.53 | 8,413.58 |
| 30 | 247.95 | 50.06 | 8,165.64 |
| 31 | 249.42 | 48.59 | 7,916.21 |
| 32 | 250.91 | 47.10 | 7,665.30 |
| 33 | 252.40 | 45.61 | 7,412.90 |
| 34 | 253.90 | 44.11 | 7,159.00 |
| 35 | 255.41 | 42.60 | 6,903.59 |
| 36 | 256.93 | 41.08 | 6,646.65 |
| 37 | 258.46 | 39.55 | 6,388.19 |
| 38 | 260.00 | 38.01 | 6,128.19 |
| 39 | 261.55 | 36.46 | 5,866.64 |
| 40 | 263.10 | 34.91 | 5,603.54 |
| 41 | 264.67 | 33.34 | 5,338.87 |
| 42 | 266.24 | 31.77 | 5,072.63 |
| 43 | 267.83 | 30.18 | 4,804.80 |
| 44 | 269.42 | 28.59 | 4,535.38 |
| 45 | 271.02 | 26.99 | 4,264.35 |
| 46 | 272.64 | 25.37 | 3,991.72 |
| 47 | 274.26 | 23.75 | 3,717.46 |
| 48 | 275.89 | 22.12 | 3,441.57 |
| 49 | 277.53 | 20.48 | 3,164.03 |
| 50 | 279.18 | 18.83 | 2,884.85 |
| 51 | 280.84 | 17.16 | 2,604.01 |
| 52 | 282.52 | 15.49 | 2,321.49 |
| 53 | 284.20 | 13.81 | 2,037.29 |
| 54 | 285.89 | 12.12 | 1,751.41 |
| 55 | 287.59 | 10.42 | 1,463.82 |
| 56 | 289.30 | 8.71 | 1,174.52 |
| 57 | 291.02 | 6.99 | 883.49 |
| 58 | 292.75 | 5.26 | 590.74 |
| 59 | 294.49 | 3.51 | 296.25 |
| 60 | 296.25 | 1.76 | 0.00 |
Questions
What is the monthly payment on a $15,000 car loan for 60 months?
$298.01 at 7.14%, the average commercial-bank rate in the Fed's latest survey. Total interest is $2,881.
How much is a $15,000 car loan with bad credit?
At Experian's Q2 2026 average for subprime borrowers (scores 501–600, 13.44% on new cars), $344.68 a month over 60 months, versus $291.60 for prime borrowers.
Is 60 or 72 months better for a $15,000 car loan?
At the same 7.14% rate, 72 months lowers the payment from $298.01 to $256.74 but adds $605 in interest, and longer loans usually carry higher rates.
What income do I need for a $15,000 car loan?
The $298.01 payment is 10% of gross income at $35,761 a year and 15% at $23,841. Many budgets keep car payments near 10–15% of income.
How much does sales tax add to a $15,000 car in California?
$1,088 at the 7.25% state rate (no trade-in credit in this state). Financed with the car, it raises the payment to $319.62. Local taxes can add more.
Sources
- New-car loan, 60 months average: 7.14%. Federal Reserve G.19 Consumer Credit, terms of credit at commercial banks, series RIFLPBCIANM60NM, as of May 1, 2026; retrieved September 26, 2026.
- Average auto loan APR by credit tier. Experian State of the Automotive Finance Market, Q2 2026; retrieved September 26, 2026.
- State vehicle sales tax and trade-in rules. State revenue departments and DMVs; state rate only, local taxes excluded.
Numbers on this page last changed September 26, 2026. How they are calculated: methodology.