36-month vs 60-month car loan
$336.75/month difference in monthly payment
$2,181 difference in total interest
36 months: $932.77 a month. 60 months: $596.02 a month.
Source: Federal Reserve G.19 average bank rates (May 2026): 48-month 7.47%, 60-month 7.14%; terms over 60 months use the 60-month rate. An average, not an offer.
Side by side
| 36 months | 60 months | |
|---|---|---|
| Amount borrowed | $30,000 | $30,000 |
| Rate | 7.47% | 7.14% |
| Monthly payment | $932.77 | $596.02 |
| Paid off in | 3 years | 5 years |
| Total interest | $3,580 | $5,761 |
Questions
Which has the lower monthly payment?
60 months, by $336.75 a month ($932.77 vs $596.02).
Which costs less overall?
36 months saves $2,181 in interest ($3,580 vs $5,761).
What rates are these figures based on?
Federal Reserve G.19 average bank rates (May 2026): 48-month 7.47%, 60-month 7.14%; terms over 60 months use the 60-month rate.
Can I compare a different amount?
Yes: change the amount above and press Compare. The page recalculates with the same rates.
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.
- 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.
Numbers on this page last changed September 26, 2026. How they are calculated: methodology.