With good credit, the monthly payment on a $15,000 new car loan over 72 months is $254.30 at 6.8% APR. Total interest: $3,309. Payoff date: January 2031.
New Car: Monthly Payment by Credit Score
Credit Tier
Rate (APR)
Monthly Payment
Total Interest
● Excellent (750+)
5.2%
$242.97
$2,494
● Good (700–749)
6.8%
$254.30
$3,309
● Fair (640–699)
10.5%
$281.68
$5,281
● Poor (below 640)
15.8%
$323.73
$8,308
New vs Used Car Rates (Good Credit)
Loan Type
Rate
Monthly Payment
Total Interest
New Car
6.8%
$254.30
$3,309
Used Car
9.2%
$271.87
$4,575
Payment by Loan Term (Good Credit, New Car)
Term
Monthly Payment
Total Interest
36 months
$461.79
$1,624
48 months
$357.80
$2,175
60 months
$295.60
$2,736
72 months current
$254.30
$3,309
84 months
$224.93
$3,894
How to Qualify for an Auto Loan
For a $15,000 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.