$24,000 car loan for 36 months
$746.22/month principal and interest, before sales tax
$2,864 total interest over 36 months
Principal $24,000 Interest $2,864. 11¢ of every dollar paid goes to interest.
36 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% | $712.96 | 6.29% | $733.28 |
| Prime | 661–780 | 6.23% | $732.63 | not reported | — |
| Near prime | 601–660 | 9.67% | $770.70 | not reported | — |
| Subprime | 501–600 | 13.44% | $813.75 | not reported | — |
| Deep subprime | 300–500 | 16.11% | $845.07 | 21.62% | $911.86 |
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 | $24,000 |
| Sales tax | $1,740 |
| Financed (price − trade-in + tax) | $25,740 |
| Monthly payment with tax | $800.32 |
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 $746.22 payment is 10% of gross income at $89,546 a year and 15% at $59,697. Insurance, fuel and maintenance come on top.
Amortization schedule
First 12 months
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $596.82 | $149.40 | $23,403.18 |
| 2 | $600.53 | $145.68 | $22,802.65 |
| 3 | $604.27 | $141.95 | $22,198.38 |
| 4 | $608.03 | $138.18 | $21,590.34 |
| 5 | $611.82 | $134.40 | $20,978.52 |
| 6 | $615.63 | $130.59 | $20,362.90 |
| 7 | $619.46 | $126.76 | $19,743.44 |
| 8 | $623.32 | $122.90 | $19,120.12 |
| 9 | $627.20 | $119.02 | $18,492.92 |
| 10 | $631.10 | $115.12 | $17,861.82 |
| 11 | $635.03 | $111.19 | $17,226.80 |
| 12 | $638.98 | $107.24 | $16,587.81 |
Year by year
| Year | Principal | Interest | Balance at year end |
|---|---|---|---|
| 1 | $7,412 | $1,542 | $16,588 |
| 2 | $7,985 | $969 | $8,603 |
| 3 | $8,603 | $352 | $0 |
| Total | $24,000 | $2,864 | $0 |
Full schedule, all 36 payments
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 596.82 | 149.40 | 23,403.18 |
| 2 | 600.53 | 145.68 | 22,802.65 |
| 3 | 604.27 | 141.95 | 22,198.38 |
| 4 | 608.03 | 138.18 | 21,590.34 |
| 5 | 611.82 | 134.40 | 20,978.52 |
| 6 | 615.63 | 130.59 | 20,362.90 |
| 7 | 619.46 | 126.76 | 19,743.44 |
| 8 | 623.32 | 122.90 | 19,120.12 |
| 9 | 627.20 | 119.02 | 18,492.92 |
| 10 | 631.10 | 115.12 | 17,861.82 |
| 11 | 635.03 | 111.19 | 17,226.80 |
| 12 | 638.98 | 107.24 | 16,587.81 |
| 13 | 642.96 | 103.26 | 15,944.85 |
| 14 | 646.96 | 99.26 | 15,297.89 |
| 15 | 650.99 | 95.23 | 14,646.90 |
| 16 | 655.04 | 91.18 | 13,991.86 |
| 17 | 659.12 | 87.10 | 13,332.74 |
| 18 | 663.22 | 83.00 | 12,669.52 |
| 19 | 667.35 | 78.87 | 12,002.17 |
| 20 | 671.51 | 74.71 | 11,330.66 |
| 21 | 675.69 | 70.53 | 10,654.98 |
| 22 | 679.89 | 66.33 | 9,975.09 |
| 23 | 684.12 | 62.09 | 9,290.96 |
| 24 | 688.38 | 57.84 | 8,602.58 |
| 25 | 692.67 | 53.55 | 7,909.91 |
| 26 | 696.98 | 49.24 | 7,212.93 |
| 27 | 701.32 | 44.90 | 6,511.62 |
| 28 | 705.68 | 40.53 | 5,805.93 |
| 29 | 710.08 | 36.14 | 5,095.86 |
| 30 | 714.50 | 31.72 | 4,381.36 |
| 31 | 718.94 | 27.27 | 3,662.41 |
| 32 | 723.42 | 22.80 | 2,938.99 |
| 33 | 727.92 | 18.30 | 2,211.07 |
| 34 | 732.45 | 13.76 | 1,478.62 |
| 35 | 737.01 | 9.20 | 741.60 |
| 36 | 741.60 | 4.62 | 0.00 |
Questions
What is the monthly payment on a $24,000 car loan for 36 months?
$746.22 at 7.47%, the average commercial-bank rate in the Fed's latest survey. Total interest is $2,864.
How much is a $24,000 car loan with bad credit?
At Experian's Q2 2026 average for subprime borrowers (scores 501–600, 13.44% on new cars), $813.75 a month over 36 months, versus $732.63 for prime borrowers.
Is 60 or 72 months better for a $24,000 car loan?
At the same 7.14% rate, 72 months lowers the payment from $476.82 to $410.79 but adds $968 in interest, and longer loans usually carry higher rates.
What income do I need for a $24,000 car loan?
The $746.22 payment is 10% of gross income at $89,546 a year and 15% at $59,697. Many budgets keep car payments near 10–15% of income.
How much does sales tax add to a $24,000 car in California?
$1,740 at the 7.25% state rate (no trade-in credit in this state). Financed with the car, it raises the payment to $800.32. 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.