With good credit, the monthly payment on a $40,000 new car loan over 72 months is $678.13 at 6.8% APR. Total interest: $8,825. Payoff date: January 2031.
New Car: Monthly Payment by Credit Score
Credit Tier
Rate (APR)
Monthly Payment
Total Interest
● Excellent (750+)
5.2%
$647.91
$6,650
● Good (700–749)
6.8%
$678.13
$8,825
● Fair (640–699)
10.5%
$751.16
$14,083
● Poor (below 640)
15.8%
$863.28
$22,156
New vs Used Car Rates (Good Credit)
Loan Type
Rate
Monthly Payment
Total Interest
New Car
6.8%
$678.13
$8,825
Used Car
9.2%
$725.00
$12,200
Payment by Loan Term (Good Credit, New Car)
Term
Monthly Payment
Total Interest
36 months
$1,231.43
$4,331
48 months
$954.14
$5,799
60 months
$788.28
$7,297
72 months current
$678.13
$8,825
84 months
$599.80
$10,384
How to Qualify for an Auto Loan
For a $40,000 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.