Is a 72-month car loan worth it? Because of the high interest rates and risk of going upside down, **most experts agree that a 72-month loan isn’t an ideal choice**. Experts recommend that borrowers take out a shorter loan. And for an optimal interest rate, a loan term fewer than 60 months is a better way to go.

## How long should you finance a car over?

This is why Edmunds recommends a **60-month** auto loan if you can manage it. A longer loan may have a more palatable monthly payment, but it comes with a number of drawbacks, as we’ll discuss later. The trend is actually worse for used car loans, where just over 80% of used car loan terms were over 60 months.

## How long does it take to finance a car?

**Dealerships will generally approve loans the same day, although it could take a few business days**. Banks and credit unions can take anywhere from one business day to a few weeks to approve a loan depending on whether you’re a new customer and their loan backlogs.

## How long does it take to pay off a $30000 car?

With a loan amount of $30,000, an interest rate of 8%, and a loan repayment period of **60-months**, your monthly payment is around $700. Before you purchase your new vehicle, remember to budget for car maintenance, gas, and car insurance.

**Is it smart to do a 72 month car loan? – Related Questions**

## How much is a 25k car payment?

Rates and terms are subject to change without notice. Example: A six year fixed-rate loan for a $25,000 new car, with 20% down, requires a $20,000 loan. Based on a simple interest rate of 3.4% and a loan fee of $200, this loan would have **72 monthly payments of $310.54 each** and an annual percentage rate (APR) of 3.74%.

## What is the monthly payment on a $40 000 car loan?

Your monthly payments would look like this for a $40,000 loan: **36 months: $1,146**. **48 months: $885**. **60 months: $737**.

## What is a car payment for 30000?

The car payments on a 30,000 dollar car loan vary based on the type of vehicle, new versus used, your credit score, and the sales tax rate of your state. The monthly car payments on a $30K car loan range from **$479.21 to $830.59**.

## What happens if I pay an extra $100 a month on my car loan?

If you pay extra toward your car loan, **the principal of the loan goes down more quickly**. This translates into paying less interest overall in the long run and, as you said, paying off your loan early.

## How much are payments on a 32000 car?

$32,000 Car Loan Calculator

Payment |
**$961.80/month** |

Interest Paid |
$2,624.83 |

Total Paid |
$34,624.83 |

## What is 6% interest on a $30000 loan?

For example, the interest on a $30,000, 36-month loan at 6% is **$2,856**.

## What will 20000 be worth in 20 years?

How much will an investment of $20,000 be worth in the future? At the end of 20 years, your savings will have grown to **$64,143**.

## What is a good interest rate for a car for 72 months?

The average rates dropped since the first quarter of 2021, down from 4.15% for new and 8.82% for used.

Loans under 60 months have lower interest rates for new cars.

Loan term |
Average interest rate |

72-month used car loan |
4.07% APR |

## How much interest does $100000 earn in a year?

Interest on $100,000

Investing this amount in a low-risk investment like a savings account with a rate between 2% to 2.50% of interest each year would return **$2,000 to $2,500**. Investing in stocks, which may earn up to 8% per year, would generate $8,000 in interest.

## Can you live off interest of 1 million dollars?

The historical S&P average annualized returns have been 9.2%. So investing $1,000,000 in the stock market will get you the equivalent of $96,352 in interest in a year. This is **enough to live on for most people**.

## Can you live off interest of 2 million dollars?

**Living off interest of 2 million dollars is doable, but you’ll need a reliable, high-earning investment vehicle**. A fixed annuity can give you even more interest than a CD, at 3 percent or more, offering more confidence in how long will 2 million last in retirement.

## Can you retire with $200000?

This is a difficult question since it depends on several factors, including your lifestyle and where you live. However, generally, **$200,000 per year is a good income for retirement**.

## How much Social Security will I get if I make $120000 a year?

If you make $120,000, here’s your calculated monthly benefit

Assuming that you earn an inflation-adjusted $120,000 for at least 35 years, and that the maximum taxable Social Security wage base is $120,000 or higher during these years, this would translate to a **lifetime monthly average of $10,000**.

## How much Social Security will I get if I make $90000 a year?

Here’s how much your Social Security benefits will be if you make anywhere from $30,000 to $100,000 per year. **The average Social Security benefit is around $1,544**. With inflation on the rise, retirees are expected to get as much as a 6% cost-of-living increase in their 2022 checks to shore up their budgets.