$28,000 car loan for 48 months
$676.62/month principal and interest, before sales tax
$4,478 total interest over 48 months
Principal $28,000 Interest $4,478. 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% | $637.36 | 6.29% | $661.31 |
| Prime | 661–780 | 6.23% | $660.54 | not reported | — |
| Near prime | 601–660 | 9.67% | $705.72 | not reported | — |
| Subprime | 501–600 | 13.44% | $757.30 | not reported | — |
| Deep subprime | 300–500 | 16.11% | $795.11 | 21.62% | $876.40 |
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 | $28,000 |
| Sales tax | $2,030 |
| Financed (price − trade-in + tax) | $30,030 |
| Monthly payment with tax | $725.67 |
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 $676.62 payment is 10% of gross income at $81,194 a year and 15% at $54,129. Insurance, fuel and maintenance come on top.
Amortization schedule
First 12 months
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $502.32 | $174.30 | $27,497.68 |
| 2 | $505.44 | $171.17 | $26,992.24 |
| 3 | $508.59 | $168.03 | $26,483.65 |
| 4 | $511.76 | $164.86 | $25,971.89 |
| 5 | $514.94 | $161.68 | $25,456.95 |
| 6 | $518.15 | $158.47 | $24,938.80 |
| 7 | $521.37 | $155.24 | $24,417.43 |
| 8 | $524.62 | $152.00 | $23,892.81 |
| 9 | $527.88 | $148.73 | $23,364.92 |
| 10 | $531.17 | $145.45 | $22,833.75 |
| 11 | $534.48 | $142.14 | $22,299.28 |
| 12 | $537.80 | $138.81 | $21,761.47 |
Year by year
| Year | Principal | Interest | Balance at year end |
|---|---|---|---|
| 1 | $6,239 | $1,881 | $21,761 |
| 2 | $6,721 | $1,399 | $15,041 |
| 3 | $7,240 | $879 | $7,800 |
| 4 | $7,800 | $319 | $0 |
| Total | $28,000 | $4,478 | $0 |
Full schedule, all 48 payments
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 502.32 | 174.30 | 27,497.68 |
| 2 | 505.44 | 171.17 | 26,992.24 |
| 3 | 508.59 | 168.03 | 26,483.65 |
| 4 | 511.76 | 164.86 | 25,971.89 |
| 5 | 514.94 | 161.68 | 25,456.95 |
| 6 | 518.15 | 158.47 | 24,938.80 |
| 7 | 521.37 | 155.24 | 24,417.43 |
| 8 | 524.62 | 152.00 | 23,892.81 |
| 9 | 527.88 | 148.73 | 23,364.92 |
| 10 | 531.17 | 145.45 | 22,833.75 |
| 11 | 534.48 | 142.14 | 22,299.28 |
| 12 | 537.80 | 138.81 | 21,761.47 |
| 13 | 541.15 | 135.47 | 21,220.32 |
| 14 | 544.52 | 132.10 | 20,675.80 |
| 15 | 547.91 | 128.71 | 20,127.89 |
| 16 | 551.32 | 125.30 | 19,576.57 |
| 17 | 554.75 | 121.86 | 19,021.81 |
| 18 | 558.21 | 118.41 | 18,463.61 |
| 19 | 561.68 | 114.94 | 17,901.93 |
| 20 | 565.18 | 111.44 | 17,336.75 |
| 21 | 568.70 | 107.92 | 16,768.05 |
| 22 | 572.24 | 104.38 | 16,195.82 |
| 23 | 575.80 | 100.82 | 15,620.02 |
| 24 | 579.38 | 97.23 | 15,040.64 |
| 25 | 582.99 | 93.63 | 14,457.65 |
| 26 | 586.62 | 90.00 | 13,871.03 |
| 27 | 590.27 | 86.35 | 13,280.76 |
| 28 | 593.94 | 82.67 | 12,686.81 |
| 29 | 597.64 | 78.98 | 12,089.17 |
| 30 | 601.36 | 75.26 | 11,487.81 |
| 31 | 605.11 | 71.51 | 10,882.70 |
| 32 | 608.87 | 67.74 | 10,273.83 |
| 33 | 612.66 | 63.95 | 9,661.17 |
| 34 | 616.48 | 60.14 | 9,044.69 |
| 35 | 620.31 | 56.30 | 8,424.38 |
| 36 | 624.18 | 52.44 | 7,800.20 |
| 37 | 628.06 | 48.56 | 7,172.14 |
| 38 | 631.97 | 44.65 | 6,540.17 |
| 39 | 635.90 | 40.71 | 5,904.27 |
| 40 | 639.86 | 36.75 | 5,264.40 |
| 41 | 643.85 | 32.77 | 4,620.56 |
| 42 | 647.85 | 28.76 | 3,972.70 |
| 43 | 651.89 | 24.73 | 3,320.81 |
| 44 | 655.95 | 20.67 | 2,664.87 |
| 45 | 660.03 | 16.59 | 2,004.84 |
| 46 | 664.14 | 12.48 | 1,340.70 |
| 47 | 668.27 | 8.35 | 672.43 |
| 48 | 672.43 | 4.19 | 0.00 |
Questions
What is the monthly payment on a $28,000 car loan for 48 months?
$676.62 at 7.47%, the average commercial-bank rate in the Fed's latest survey. Total interest is $4,478.
How much is a $28,000 car loan with bad credit?
At Experian's Q2 2026 average for subprime borrowers (scores 501–600, 13.44% on new cars), $757.30 a month over 48 months, versus $660.54 for prime borrowers.
Is 60 or 72 months better for a $28,000 car loan?
At the same 7.14% rate, 72 months lowers the payment from $556.28 to $479.26 but adds $1,129 in interest, and longer loans usually carry higher rates.
What income do I need for a $28,000 car loan?
The $676.62 payment is 10% of gross income at $81,194 a year and 15% at $54,129. Many budgets keep car payments near 10–15% of income.
How much does sales tax add to a $28,000 car in California?
$2,030 at the 7.25% state rate (no trade-in credit in this state). Financed with the car, it raises the payment to $725.67. 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.