Finance comparison
Compare 5-year and 6-year auto loan payments, total interest, and when longer terms make sense.
| Aspect | 60-month (5-year) loan | 72-month (6-year) loan |
|---|---|---|
| Monthly payment | Higher | Lower |
| Total interest | Lower | Higher |
| Term | 60 months | 72 months |
| Negative equity risk | Lower | Higher |
Higher payment, less interest, faster ownership.
Lower payment, more interest, longer obligation.
Longer auto loan terms reduce the monthly payment but increase total interest and the time you spend underwater on the loan if the car depreciates faster than you pay down principal.
Compare both terms with the car loan calculator using the same price, down payment, and APR.
Estimate monthly auto loan payments from price, down payment, rate, and term.
See how long it takes to pay off a car loan with your payment or target months.
Estimate monthly car lease payments from cap cost, residual, and money factor.
Find how much car you can afford from income, debt, and payment ratios.
Not always—it depends on rate, vehicle reliability, and how long you keep the car. Longer terms cost more interest and can leave you owing more than the car is worth if you sell early.
Longer terms lower the monthly payment, which can help close a sale. Compare total interest and how long you plan to keep the vehicle before choosing a term.
Most auto loans allow extra payments without penalty, but confirm your contract. Paying early reduces total interest even on a longer scheduled term.