With good credit, the monthly payment on a $50,000 new car loan over 48 months is $1,192.68 at 6.8% APR. Total interest: $7,249. Payoff date: January 2029.
New Car: Monthly Payment by Credit Score
Credit Tier
Rate (APR)
Monthly Payment
Total Interest
● Excellent (750+)
5.2%
$1,156.00
$5,488
● Good (700–749)
6.8%
$1,192.68
$7,249
● Fair (640–699)
10.5%
$1,280.17
$11,448
● Poor (below 640)
15.8%
$1,411.90
$17,771
New vs Used Car Rates (Good Credit)
Loan Type
Rate
Monthly Payment
Total Interest
New Car
6.8%
$1,192.68
$7,249
Used Car
9.2%
$1,249.01
$9,952
Payment by Loan Term (Good Credit, New Car)
Term
Monthly Payment
Total Interest
36 months
$1,539.29
$5,414
48 months current
$1,192.68
$7,249
60 months
$985.35
$9,121
72 months
$847.66
$11,031
84 months
$749.75
$12,979
How to Qualify for an Auto Loan
For a $50,000 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.