With good credit, the monthly payment on a $60,000 new car loan over 48 months is $1,431.21 at 6.8% APR. Total interest: $8,698. Payoff date: January 2029.
New Car: Monthly Payment by Credit Score
Credit Tier
Rate (APR)
Monthly Payment
Total Interest
● Excellent (750+)
5.2%
$1,387.20
$6,586
● Good (700–749)
6.8%
$1,431.21
$8,698
● Fair (640–699)
10.5%
$1,536.20
$13,738
● Poor (below 640)
15.8%
$1,694.28
$21,325
New vs Used Car Rates (Good Credit)
Loan Type
Rate
Monthly Payment
Total Interest
New Car
6.8%
$1,431.21
$8,698
Used Car
9.2%
$1,498.81
$11,943
Payment by Loan Term (Good Credit, New Car)
Term
Monthly Payment
Total Interest
36 months
$1,847.14
$6,497
48 months current
$1,431.21
$8,698
60 months
$1,182.42
$10,945
72 months
$1,017.19
$13,238
84 months
$899.71
$15,575
How to Qualify for an Auto Loan
For a $60,000 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.