With good credit, the monthly payment on a $20,000 new car loan over 36 months is $615.71 at 6.8% APR. Total interest: $2,166. Payoff date: January 2028.
New Car: Monthly Payment by Credit Score
Credit Tier
Rate (APR)
Monthly Payment
Total Interest
● Excellent (750+)
5.2%
$601.22
$1,644
● Good (700–749)
6.8%
$615.71
$2,166
● Fair (640–699)
10.5%
$650.05
$3,402
● Poor (below 640)
15.8%
$701.17
$5,242
New vs Used Car Rates (Good Credit)
Loan Type
Rate
Monthly Payment
Total Interest
New Car
6.8%
$615.71
$2,166
Used Car
9.2%
$637.86
$2,963
Payment by Loan Term (Good Credit, New Car)
Term
Monthly Payment
Total Interest
36 months current
$615.71
$2,166
48 months
$477.07
$2,899
60 months
$394.14
$3,648
72 months
$339.06
$4,413
84 months
$299.90
$5,192
How to Qualify for an Auto Loan
For a $20,000 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.