With good credit, the monthly payment on a $45,000 new car loan over 84 months is $674.78 at 6.8% APR. Total interest: $11,681. Payoff date: January 2032.
New Car: Monthly Payment by Credit Score
Credit Tier
Rate (APR)
Monthly Payment
Total Interest
● Excellent (750+)
5.2%
$640.26
$8,782
● Good (700–749)
6.8%
$674.78
$11,681
● Fair (640–699)
10.5%
$758.73
$18,733
● Poor (below 640)
15.8%
$888.67
$29,649
New vs Used Car Rates (Good Credit)
Loan Type
Rate
Monthly Payment
Total Interest
New Car
6.8%
$674.78
$11,681
Used Car
9.2%
$728.58
$16,201
Payment by Loan Term (Good Credit, New Car)
Term
Monthly Payment
Total Interest
36 months
$1,385.36
$4,873
48 months
$1,073.41
$6,524
60 months
$886.81
$8,209
72 months
$762.89
$9,928
84 months current
$674.78
$11,681
How to Qualify for an Auto Loan
For a $45,000 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.