$31,000 car loan for 48 months
$749.11/month principal and interest, before sales tax
$4,957 total interest over 48 months
Principal $31,000 Interest $4,957. 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% | $705.65 | 6.29% | $732.16 |
| Prime | 661–780 | 6.23% | $731.31 | not reported | — |
| Near prime | 601–660 | 9.67% | $781.34 | not reported | — |
| Subprime | 501–600 | 13.44% | $838.44 | not reported | — |
| Deep subprime | 300–500 | 16.11% | $880.30 | 21.62% | $970.30 |
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 | $31,000 |
| Sales tax | $2,248 |
| Financed (price − trade-in + tax) | $33,248 |
| Monthly payment with tax | $803.42 |
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 $749.11 payment is 10% of gross income at $89,893 a year and 15% at $59,929. Insurance, fuel and maintenance come on top.
Amortization schedule
First 12 months
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $556.14 | $192.98 | $30,443.86 |
| 2 | $559.60 | $189.51 | $29,884.26 |
| 3 | $563.08 | $186.03 | $29,321.18 |
| 4 | $566.59 | $182.52 | $28,754.59 |
| 5 | $570.11 | $179.00 | $28,184.48 |
| 6 | $573.66 | $175.45 | $27,610.82 |
| 7 | $577.23 | $171.88 | $27,033.58 |
| 8 | $580.83 | $168.28 | $26,452.75 |
| 9 | $584.44 | $164.67 | $25,868.31 |
| 10 | $588.08 | $161.03 | $25,280.23 |
| 11 | $591.74 | $157.37 | $24,688.48 |
| 12 | $595.43 | $153.69 | $24,093.06 |
Year by year
| Year | Principal | Interest | Balance at year end |
|---|---|---|---|
| 1 | $6,907 | $2,082 | $24,093 |
| 2 | $7,441 | $1,548 | $16,652 |
| 3 | $8,016 | $973 | $8,636 |
| 4 | $8,636 | $353 | $0 |
| Total | $31,000 | $4,957 | $0 |
Full schedule, all 48 payments
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 556.14 | 192.98 | 30,443.86 |
| 2 | 559.60 | 189.51 | 29,884.26 |
| 3 | 563.08 | 186.03 | 29,321.18 |
| 4 | 566.59 | 182.52 | 28,754.59 |
| 5 | 570.11 | 179.00 | 28,184.48 |
| 6 | 573.66 | 175.45 | 27,610.82 |
| 7 | 577.23 | 171.88 | 27,033.58 |
| 8 | 580.83 | 168.28 | 26,452.75 |
| 9 | 584.44 | 164.67 | 25,868.31 |
| 10 | 588.08 | 161.03 | 25,280.23 |
| 11 | 591.74 | 157.37 | 24,688.48 |
| 12 | 595.43 | 153.69 | 24,093.06 |
| 13 | 599.13 | 149.98 | 23,493.93 |
| 14 | 602.86 | 146.25 | 22,891.06 |
| 15 | 606.62 | 142.50 | 22,284.45 |
| 16 | 610.39 | 138.72 | 21,674.06 |
| 17 | 614.19 | 134.92 | 21,059.87 |
| 18 | 618.01 | 131.10 | 20,441.85 |
| 19 | 621.86 | 127.25 | 19,819.99 |
| 20 | 625.73 | 123.38 | 19,194.26 |
| 21 | 629.63 | 119.48 | 18,564.63 |
| 22 | 633.55 | 115.56 | 17,931.08 |
| 23 | 637.49 | 111.62 | 17,293.59 |
| 24 | 641.46 | 107.65 | 16,652.13 |
| 25 | 645.45 | 103.66 | 16,006.68 |
| 26 | 649.47 | 99.64 | 15,357.21 |
| 27 | 653.51 | 95.60 | 14,703.70 |
| 28 | 657.58 | 91.53 | 14,046.11 |
| 29 | 661.67 | 87.44 | 13,384.44 |
| 30 | 665.79 | 83.32 | 12,718.65 |
| 31 | 669.94 | 79.17 | 12,048.71 |
| 32 | 674.11 | 75.00 | 11,374.60 |
| 33 | 678.31 | 70.81 | 10,696.29 |
| 34 | 682.53 | 66.58 | 10,013.77 |
| 35 | 686.78 | 62.34 | 9,326.99 |
| 36 | 691.05 | 58.06 | 8,635.94 |
| 37 | 695.35 | 53.76 | 7,940.58 |
| 38 | 699.68 | 49.43 | 7,240.90 |
| 39 | 704.04 | 45.07 | 6,536.86 |
| 40 | 708.42 | 40.69 | 5,828.44 |
| 41 | 712.83 | 36.28 | 5,115.61 |
| 42 | 717.27 | 31.84 | 4,398.35 |
| 43 | 721.73 | 27.38 | 3,676.62 |
| 44 | 726.23 | 22.89 | 2,950.39 |
| 45 | 730.75 | 18.37 | 2,219.64 |
| 46 | 735.29 | 13.82 | 1,484.35 |
| 47 | 739.87 | 9.24 | 744.48 |
| 48 | 744.48 | 4.63 | 0.00 |
Questions
What is the monthly payment on a $31,000 car loan for 48 months?
$749.11 at 7.47%, the average commercial-bank rate in the Fed's latest survey. Total interest is $4,957.
How much is a $31,000 car loan with bad credit?
At Experian's Q2 2026 average for subprime borrowers (scores 501–600, 13.44% on new cars), $838.44 a month over 48 months, versus $731.31 for prime borrowers.
Is 60 or 72 months better for a $31,000 car loan?
At the same 7.14% rate, 72 months lowers the payment from $615.89 to $530.61 but adds $1,250 in interest, and longer loans usually carry higher rates.
What income do I need for a $31,000 car loan?
The $749.11 payment is 10% of gross income at $89,893 a year and 15% at $59,929. Many budgets keep car payments near 10–15% of income.
How much does sales tax add to a $31,000 car in California?
$2,248 at the 7.25% state rate (no trade-in credit in this state). Financed with the car, it raises the payment to $803.42. 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.