With good credit, the monthly payment on a $10,000 new car loan over 48 months is $238.54 at 6.8% APR. Total interest: $1,450. Payoff date: January 2029.
New Car: Monthly Payment by Credit Score
Credit Tier
Rate (APR)
Monthly Payment
Total Interest
● Excellent (750+)
5.2%
$231.20
$1,098
● Good (700–749)
6.8%
$238.54
$1,450
● Fair (640–699)
10.5%
$256.03
$2,290
● Poor (below 640)
15.8%
$282.38
$3,554
New vs Used Car Rates (Good Credit)
Loan Type
Rate
Monthly Payment
Total Interest
New Car
6.8%
$238.54
$1,450
Used Car
9.2%
$249.80
$1,990
Payment by Loan Term (Good Credit, New Car)
Term
Monthly Payment
Total Interest
36 months
$307.86
$1,083
48 months current
$238.54
$1,450
60 months
$197.07
$1,824
72 months
$169.53
$2,206
84 months
$149.95
$2,596
How to Qualify for an Auto Loan
For a $10,000 auto loan, most lenders look for a minimum credit score of 580–620, though scores above 700 unlock the best new-car rates near 5.2%. Your debt-to-income ratio should be below 45%. New car loans typically carry lower rates than used — expect a 2.4% premium for used vehicles with good credit. Dealer financing and bank pre-approval are worth comparing before signing; credit unions often beat both on rate.