$21,000 car loan for 48 months
$507.46/month principal and interest, before sales tax
$3,358 total interest over 48 months
Principal $21,000 Interest $3,358. 14¢ of every dollar paid goes to interest.
48 months at 7.47%, the Federal Reserve's average finance rate on 48-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% | $478.02 | 6.29% | $495.98 |
| Prime | 661–780 | 6.23% | $495.40 | not reported | — |
| Near prime | 601–660 | 9.67% | $529.29 | not reported | — |
| Subprime | 501–600 | 13.44% | $567.97 | not reported | — |
| Deep subprime | 300–500 | 16.11% | $596.33 | 21.62% | $657.30 |
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 | $21,000 |
| Sales tax | $1,523 |
| Financed (price − trade-in + tax) | $22,523 |
| Monthly payment with tax | $544.25 |
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 $507.46 payment is 10% of gross income at $60,896 a year and 15% at $40,597. Insurance, fuel and maintenance come on top.
Amortization schedule
First 12 months
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $376.74 | $130.73 | $20,623.26 |
| 2 | $379.08 | $128.38 | $20,244.18 |
| 3 | $381.44 | $126.02 | $19,862.74 |
| 4 | $383.82 | $123.65 | $19,478.92 |
| 5 | $386.21 | $121.26 | $19,092.71 |
| 6 | $388.61 | $118.85 | $18,704.10 |
| 7 | $391.03 | $116.43 | $18,313.07 |
| 8 | $393.46 | $114.00 | $17,919.61 |
| 9 | $395.91 | $111.55 | $17,523.69 |
| 10 | $398.38 | $109.08 | $17,125.32 |
| 11 | $400.86 | $106.61 | $16,724.46 |
| 12 | $403.35 | $104.11 | $16,321.10 |
Year by year
| Year | Principal | Interest | Balance at year end |
|---|---|---|---|
| 1 | $4,679 | $1,411 | $16,321 |
| 2 | $5,041 | $1,049 | $11,280 |
| 3 | $5,430 | $659 | $5,850 |
| 4 | $5,850 | $239 | $0 |
| Total | $21,000 | $3,358 | $0 |
Full schedule, all 48 payments
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 376.74 | 130.73 | 20,623.26 |
| 2 | 379.08 | 128.38 | 20,244.18 |
| 3 | 381.44 | 126.02 | 19,862.74 |
| 4 | 383.82 | 123.65 | 19,478.92 |
| 5 | 386.21 | 121.26 | 19,092.71 |
| 6 | 388.61 | 118.85 | 18,704.10 |
| 7 | 391.03 | 116.43 | 18,313.07 |
| 8 | 393.46 | 114.00 | 17,919.61 |
| 9 | 395.91 | 111.55 | 17,523.69 |
| 10 | 398.38 | 109.08 | 17,125.32 |
| 11 | 400.86 | 106.61 | 16,724.46 |
| 12 | 403.35 | 104.11 | 16,321.10 |
| 13 | 405.86 | 101.60 | 15,915.24 |
| 14 | 408.39 | 99.07 | 15,506.85 |
| 15 | 410.93 | 96.53 | 15,095.92 |
| 16 | 413.49 | 93.97 | 14,682.43 |
| 17 | 416.06 | 91.40 | 14,266.36 |
| 18 | 418.65 | 88.81 | 13,847.71 |
| 19 | 421.26 | 86.20 | 13,426.44 |
| 20 | 423.88 | 83.58 | 13,002.56 |
| 21 | 426.52 | 80.94 | 12,576.04 |
| 22 | 429.18 | 78.29 | 12,146.86 |
| 23 | 431.85 | 75.61 | 11,715.01 |
| 24 | 434.54 | 72.93 | 11,280.48 |
| 25 | 437.24 | 70.22 | 10,843.23 |
| 26 | 439.96 | 67.50 | 10,403.27 |
| 27 | 442.70 | 64.76 | 9,960.57 |
| 28 | 445.46 | 62.00 | 9,515.11 |
| 29 | 448.23 | 59.23 | 9,066.88 |
| 30 | 451.02 | 56.44 | 8,615.86 |
| 31 | 453.83 | 53.63 | 8,162.03 |
| 32 | 456.65 | 50.81 | 7,705.37 |
| 33 | 459.50 | 47.97 | 7,245.88 |
| 34 | 462.36 | 45.11 | 6,783.52 |
| 35 | 465.24 | 42.23 | 6,318.28 |
| 36 | 468.13 | 39.33 | 5,850.15 |
| 37 | 471.05 | 36.42 | 5,379.11 |
| 38 | 473.98 | 33.48 | 4,905.13 |
| 39 | 476.93 | 30.53 | 4,428.20 |
| 40 | 479.90 | 27.57 | 3,948.30 |
| 41 | 482.88 | 24.58 | 3,465.42 |
| 42 | 485.89 | 21.57 | 2,979.53 |
| 43 | 488.92 | 18.55 | 2,490.61 |
| 44 | 491.96 | 15.50 | 1,998.65 |
| 45 | 495.02 | 12.44 | 1,503.63 |
| 46 | 498.10 | 9.36 | 1,005.53 |
| 47 | 501.20 | 6.26 | 504.32 |
| 48 | 504.32 | 3.14 | 0.00 |
Questions
What is the monthly payment on a $21,000 car loan for 48 months?
$507.46 at 7.47%, the average commercial-bank rate in the Fed's latest survey. Total interest is $3,358.
How much is a $21,000 car loan with bad credit?
At Experian's Q2 2026 average for subprime borrowers (scores 501–600, 13.44% on new cars), $567.97 a month over 48 months, versus $495.40 for prime borrowers.
Is 60 or 72 months better for a $21,000 car loan?
At the same 7.14% rate, 72 months lowers the payment from $417.21 to $359.44 but adds $847 in interest, and longer loans usually carry higher rates.
What income do I need for a $21,000 car loan?
The $507.46 payment is 10% of gross income at $60,896 a year and 15% at $40,597. Many budgets keep car payments near 10–15% of income.
How much does sales tax add to a $21,000 car in California?
$1,523 at the 7.25% state rate (no trade-in credit in this state). Financed with the car, it raises the payment to $544.25. Local taxes can add more.
Sources
- New-car loan, 48 months average: 7.47%. Federal Reserve G.19 Consumer Credit, terms of credit at commercial banks, series TERMCBAUTO48NS, 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.